5 Altcoins That Could Be Ripe For A Near-Term Rally If Bitcoin Price Holds At $19,000

Bitcoin price continues to trade in a tight range, creating a possible near-term breakout for MATIC, HT, QNT and OKB.

Price analysis

The S&P 500 and the Nasdaq Composite fell to new year-to-date lows last week and closed the week with a loss of 1.55% and 3.11%, respectively.

The scenario changed drastically on October 17 after the acceleration of the earnings season and a sharp reversal of policy on the part of the British Finance Minister, Jeremy Hunt, who added details to the government's plan to correct the tax package of its predecessor (Kwasi Kwarteng), which had triggered a record fall in the value of the pound sterling and near liquidation of pension schemes in the United Kingdom.

At the time of writing, the Dow is up 1.78%, while the S&P 500 and Nasdaq show gains of 2.57% and 3.26% respectively. Meanwhile, Bitcoin (BTC) managed to stay well above its year-to-date low, posting short-term outperformance.

Some analysts expect Bitcoin to be closer to a bottom. Twitter trader Alan said the stochastic indicator on Bitcoin's monthly chart had reached levels similar to those seen during the bear markets of 2014 and 2018, indicating a likely macro bottom.

Similarly, the creator of LookIntoBitcoin, Philip Swift said in an interview with Cointelegraph that Bitcoin could be near major cycle lows. Citing various metrics, Swift said Bitcoin could face another two to three months of pain, but is expected to start outperforming in 2023.

As Bitcoin holds above its June low, some altcoins are attracting buyers. Let's take a look at the charts of five cryptocurrencies that look interesting in the short term.