5 altcoins that could be ripe for a short-term rally if Bitcoin price holds $19K

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The S&P 500 and the Nasdaq Composite fell to a brand new year-to-date low final week and closed the week with a lack of 1.55% and three.11%, respectively.

The state of affairs modified drastically on Oct. 17 after the earnings,  season ramped up and a pointy coverage reversal from U.Ok. Finance Minister Jeremy Hunt added element to the federal government’s plan to repair his predecessor’s (Kwasi Kwarteng’s) fiscal package deal, which had triggered a file fall within the worth of the GBP and a close to liquidation of pension plans in the UK.

On the time of writing, the Dow is up 1.78%, whereas the S&P 500 and Nasdaq current 2.57% and three.26% respective positive aspects. In the meantime, Bitcoin (BTC) has managed to remain effectively above its year-to-date low displaying short-term outperformance.

Some analysts anticipate that Bitcoin could possibly be nearer to a backside. Twitter dealer Alan stated that the stochastic indicator on Bitcoin’s month-to-month chart has reached ranges just like these seen during the 2014 and 2018 bear markets, indicating a possible macro backside.

Equally, LookIntoBitcoin creator Philip Swift stated in an interview with Cointelegraph that Bitcoin could be close to major cycle lows. Citing numerous metrics, Swift stated that Bitcoin could face one other two to a few months of ache however ought to begin its outperformance in 2023.

As Bitcoin sustains above its June low, choose altcoins are attracting consumers. Let’s take a look at  charts of 5 cryptocurrencies that look attention-grabbing within the close to time period.