Bitcoin’s consolidation at the $21,000 level has continued after a recent shaky ride. The majority of altcoins have likewise stabilized today. The cryptocurrency recovered on Monday, starting the day off well and almost approaching $20,000. As a result, BTC was trading above $21,500, a weekly high, as the bulls attempted to take back the market, before hitting reverse.
A closely watched cryptocurrency strategist expects altcoins to maintain their present pace over the next week and is bullish on the market. Analyst DonAlt states in a new strategy session that he is actively monitoring the stock market because he thinks that cryptocurrency is still tied to the S&P 500.
Altcoins To Go Ballistic?
The crypto researcher believes the S&P 500 has risen from a monthly support level of about 3,600 and expects the index will likely keep rising this week.
“[The S&P 500] is starting to run into resistance now but honestly, I wouldn’t want to short that resistance… I don’t think this is one based on the fact that we had a breakdown and an immediate, almost full, engulfing candle. I still think the next week could be bullish even if we close at resistance here.”
A consistent S&P 500 uptick this week is good news for crypto assets, especially altcoins, says DonAlt. And that will work for any crypto bag, whether it contains Bitcoin or altcoins. Bitcoin also retraced from weekly support and he is hoping it all spirals upward, walks slowly, and altcoins go ballistic.
Regarding Bitcoin, the crypto analyst predicts that BTC will continue to consolidate near $20,000, which he believes creates opportunities for altcoins to continue rising. Furthermore, he says that Bitcoin might trade between $18,000 and $34,000 for the next several months. This is according to his long-term prediction for cryptocurrency.
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Source: https://coinpedia.org/altcoin/altcoins-to-see-major-upswing-this-week-bitcoin-to-trade-within-this-range-for-next-6-months/