Bitcoin’s breakout above $63,300 on Monday to all-time highs is “constructive technically” and should see prices rise to $72,000 initially and then
Bitcoin’s breakout above $63,300 on Monday to all-time highs is “constructive technically” and 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.
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 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 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 about $67,600, ether $4,800, litecoin $250, algorand $1.97 and chainlink $35 as of publication time.
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