A closely tracked crypto strategist is bullish on altcoins for the coming week and predicts that they sustain their current momentum.
In a new strategy session, pseudonymous analyst DonAlt says that he’s closely watching the stock market because he believes crypto is still correlated to the S&P 500.
According to the crypto analyst, the S&P 500 has bounced from a monthly support level around 3,600, and he predicts the index will likely continue to rally 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 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.”
According to DonAlt, a sustained S&P 500 bounce this week bodes well for crypto assets, especially altcoins.
“That’s going to be good for any crypto bag, be it altcoins or Bitcoin. Bitcoin bounced from weekly support as well. Like I said, [I’m] hoping it curls upwards, walks slowly, altcoins go ballistic.”
Looking at Bitcoin, the crypto strategist says that he expects BTC to continue consolidating around $20,000, which he notes opens the doors for altcoins to continue rallying.
As for his long-term view on BTC, DonAlt tells his 411,300 Twitter followers that it is within the realm of possibility for Bitcoin to trade between $18,000 and $34,000 for the next 12 months or so.
“If I had to make a guess.”
At time of writing, Bitcoin is changing hands for $21,182.
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