5 altcoins that could be ripe for a short-term rally if Bitcoin holds $19,000

5 altcoins that could be ripe for a short-term rally if Bitcoin holds $19,000

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

The scenario changed drastically on October 17 after earnings surged, the season surged, and a sharp policy reversal from British Chancellor of the Exchequer Jeremy Hunt added details to the government’s plan to reform his predecessor’s financial package (Kwasi Quarting), which led to a record drop in the value of the pound and a near UK retirement plans liquidation.

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

Some analysts expect bitcoin to be closer to the bottom. Twitter trader Alan said that the stochastics on Bitcoin’s monthly chart have reached levels similar to those seen during the 2014 and 2018 bear markets, indicating the possibility of an overall bottom.

Similarly, Philip Swift, creator of LookIntoBitcoin, said in an interview with Cointelegraph that bitcoin could be close to major cycle lows. Citing various metrics, Swift said that Bitcoin may be in pain for another 2-3 months, but that it should start outperforming in 2023.

As Bitcoin continues above the June lows, select altcoins are attracting buyers. Let’s take a look at the charts of five cryptocurrencies that look interesting in the near term.