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

Nov 9, 2021 at 11:56 a.m. UTC

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

Will Canny

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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