Bitcoin may get cheaper following S&P 500, while altcoins are preparing for a rise. What are analysts predicting today?
Bitcoin may get cheaper following S&P 500
The first cryprocurrency increases its connection with the S&P 500 index: according to Skew, the correlation level of the two assets have achieved the record level of 77%.
At the same time, the index is predicted to fall. Last week the Citigroup financial corporation informed its investors that it anticipates the asset to go down 10% to 2,900 points. At the moment S&P 500 is traded at 3,169 points, yesterday it added 0,78% to its price.
“Another wave of Covid-19 cases that triggers new shutdowns or a slower economic recovery would be challenging”, the company’s analysts noticed.
Altcoins are ready to go up
Renown trader Peter Brandt thinks. He published the ETH/BTC chart where he showed the upward breakthrough.
According to the trader, the pair will get up by 24%: from 0,02637 to 0,03276. Brandt noticed that Ethereum was an indicator for the altcoin market so the rest of cryptocurrencies are up for a rise as well.
The capitalization of the altcoin market is growing: it has doubled in the last four months and reached $102,9 bn. At the same time, the share of bitcoin in the general capitalization of cryptocurrencies has fallen from 67% to 64% in two months.
BTC may go to $9,800
Crypto analyst filbfilb published the short-term prognosis of the bitcoin price. According to the trader, the rate broke through the symmetrical triangle by reaching the level of $9,400.
It paves the way to the point of $9,800 where the strong resistance cluster occurs. Filbfilb supposes that the price will fall back to $9,300 at first, but then it will get beyond the level of $9,500.
Now the mid-market rate of BTC is $9,383, the coin has become more expensive by 0,97% in the last day.