A pseudonymous crypto strategist identified on Twitter as DonAlt has showcased his bullishness for altcoins for the coming weeks, predicting that they could sustain their current momentum.
In a recent strategy session, DonAlt stated that he has been closely watching the stock market because he believes that the crypto market remains correlated to the S&P 500.
We Are On Twitter: Follow Us
The analyst pointed out that the S&P 500 has bounced from a monthly support level around 3,600. He then predicted that the index will possibly continue to rally this week.
DonAlt also pointed out that a sustained S&P 500 recovery this week is good for crypto assets, especially altcoins.
“[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…
“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.”
DonAlt Maps Out Path Ahead For Bitcoin (BTC)
As for Bitcoin (BTC), the largest cryptocurrency by market cap, DonAlt said he expects it to keep consolidating around $20,000, which he thinks would enable altcoins to continue rallying.
The crypto strategist added that there is a possibility for Bitcoin to continue trading between $18,000 and $34,000 for the next 12 months.