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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.
By Will Canny
Updated May 11, 2023, 6:04 p.m. Published Nov 9, 2021, 11:56 a.m.
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.
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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.
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Bitcoin gets 'base case' price target of $143,000 at Citigroup
The Wall Street bank said its bitcoin forecast relies on further crypto ETF inflows and a continued rally in traditional equity markets.
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- Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
- Analysts highlight $70,000 as key support, with the potential for a sharp rise due to revived ETF demand and positive market forecasts.
- The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.
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