A closely watched crypto analyst is optimistic about altcoins for the week ahead and predicts they will continue their current momentum. The analyst also outlines the 1-year roadmap ahead of Bitcoin (BTC).
According to DonAlt, the S&P 500 correlation with the crypto market continues
In a new strategy session, analyst nicknamed DonAlt, known for his successful predictions, shares his crypto market comments to his 411,300 Twitter followers. The analyst says he watches the stock market closely as he believes the crypto market is still associated with the S&P 500. It is possible to take a look at the analyst’s accurate predictions from this article of Kriptokoin’com.
According to the crypto analyst, the S&P 500 has bounced off the one-month support level of around 3,600. From this point of view, the analyst predicts that the index will continue to recover this week. In support of his views, DonAlt makes the following statement:
The S&P 500 is now starting to encounter resistance. But to be honest, I wouldn’t want to cut this resistor short. I don’t think this is based on the fact that we had a breakdown and immediately there was an almost full, enveloping candle. Even if we close the resistance here, I think the next week can be bullish.
Source: DonAlt / YouTube“This will be good for both altcoins and Bitcoin”
According to DonAlt, a sustained S&P 500 jump this week bodes well for crypto assets, especially altcoins. In this context, the analyst makes the following assessment:
This will be fine for any purse of cryptocurrencies, be it altcoins or Bitcoin. Bitcoin also bounced off the weekly support. Like I said, I hope it curls up, walks slowly. Moreover, altcoins take off like missiles.
“Bitcoin (BTC) will be trading in this range for the next year”
The crypto strategist looking at Bitcoin expects BTC to continue to consolidate around $20,000. He also states that this opens the doors for altcoins to continue rallying.
DonAlt also explains his long-term views on BTC. “If I had to make a prediction,” the analyst said, predicting that Bitcoin will trade between $18,000 and $34,000 over the next 12 months.
Source: DonAlt / YouTubeAccording to CoinMarketCap data, the leading crypto has a market cap of $396 billion. Also, at press time, Bitcoin is trading at $20,740, down 2.73% on a daily basis. The leading cryptocurrency rose to an ATH level of around $69,000 in early November last year. However, he had hard dreams, especially after the steps taken by the hawkish Fed to fight inflation. Bitcoin currently stands 70% off its peak.
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