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.

Nov 9, 2021 at 11:56 a.m. UTC
Updated Nov 9, 2021 at 4:31 p.m. UTC

Will Canny is CoinDesk's finance reporter.

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.

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.

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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Will Canny is CoinDesk's finance reporter.

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Will Canny is CoinDesk's finance reporter.

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