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Bitcoin Breakout May Have Further to Run, Altcoins Also to Gain, FSInsight Says
Litecoin, algorand and chainlink are all likely to strengthen following recent breakouts.
Bitcoin’s breakout above $63,300 on Monday to an all-time high is “constructive technically” and we should see prices rise to $72,000 initially and then $77,600, according to FSInsight, a markets strategy and research firm.
FSInsight notes that bitcoin momentum isn’t overbought yet on daily or weekly timeframes.
STORY CONTINUES BELOW
Read more: Bitcoin Soars Past $68K for the First Time as Ether Also Sets Record High
A breakout in bitcoin’s market-cap dominance chart means it may outperform alternative coins (altcoins) in the near term, FSInsight said. This “represents a likely shift to higher market capitalization into bitcoin than altcoins in the near future.”
Bitcoin and ether cycles “show upward progress into end of November before a peak in price that could persist into 2022,” FSInsight said.
Read more: Ether to Extend Outperformance Versus Bitcoin Following Recent Breakout, FSInsight Says
Chainlink’s LINK is also attempting to move above its recent price range, and FSInsight’s first target is $43.70 followed by $52.45.
A close in litecoin above $209.49 opens the way for a move to $259 then $295.60, according to FSInsight.
Bitcoin was trading at about $67,600, ether at $4,800, litecoin at $250, algorand at $1.97 and LINK at $35 as of publication time.
Will Canny
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He's now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
