A intently tracked crypto strategist is bullish on altcoins for the approaching week and predicts that they maintain their present momentum.
In a brand new technique session, pseudonymous analyst DonAlt says that he’s intently watching the inventory market as a result of he believes crypto remains to be correlated to the S&P 500.
In accordance with the crypto analyst, the S&P 500 has bounced from a month-to-month help stage round 3,600, and he predicts the index will possible proceed to rally this week.
“[The S&P 500] is beginning to run into resistance now however truthfully, I wouldn’t need to brief that resistance… I don’t assume that is one primarily based the truth that we had a breakdown and a direct, nearly full, engulfing candle. I nonetheless assume the following week may very well be bullish even when we shut at resistance right here.”
In accordance with DonAlt, a sustained S&P 500 bounce this week bodes nicely for crypto property, particularly altcoins.
“That’s going to be good for any crypto bag, be it altcoins or Bitcoin. Bitcoin bounced from weekly help as nicely. Like I mentioned, [I’m] hoping it curls upwards, walks slowly, altcoins go ballistic.”
Taking a look at Bitcoin, the crypto strategist says that he expects BTC to proceed consolidating round $20,000, which he notes opens the doorways for altcoins to proceed rallying.
As for his long-term view on BTC, DonAlt tells his 411,300 Twitter followers that it’s inside the realm of risk for Bitcoin to commerce between $18,000 and $34,000 for the following 12 months or so.
“If I needed to make a guess.”
At time of writing, Bitcoin is altering palms for $21,182.
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