Bitcoin’s consolidation at the $21,000 level continued after a recent shaky run. The majority of altcoins also stabilized today. The cryptocurrency recovered on Monday, starting the day well and approaching $20,000. Therefore, BTC was trading above $21,500, a weekly highas the bulls tried to take over the market, before pulling back.
A closely watched cryptocurrency strategist waits altcoins to maintain their current momentum over the next week and is bullish in the market. Analyst DonAlt says in a new strategy session that he is actively watching the stock market as he believes the cryptocurrency is still pegged to the S&P 500.
Altcoins To Go Ballistic?
The crypto researcher estimates that the S&P 500 has fallen from a monthly support level of around 3,600 and expects the index to continue higher this week.
“[The S&P 500] starting to encounter resistance now, but honestly, I wouldn’t want to short that resistance… I don’t think it’s based on the fact that we had a breakdown and an immediate, nearly full engulfing candle. I still think next week could be bullish even if we end at resistance here.
A steady rise in the S&P 500 this week is good news for crypto assets, especially altcoins, says DonAlt. And it will work for any crypto bag, whether it contains Bitcoin or altcoins. Bitcoin has also returned to weekly support and he hopes that everything will spiral, walk slowly, and altcoins will 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. Additionally, he says that Bitcoin could trade between $18,000 and $34,000 over the next few months. This is according to his long-term prediction for cryptocurrency.