Altcoins
Bitcoin Could Rise to $100,000 as Altcoins Lag, Warns Veteran Crypto Trader
A widely followed cryptocurrency analyst warns that Bitcoin (BTC) could reach six figures, while altcoin projects remain behind, in a stalemate.
Crypto Strategist DonAlt tells His 569,900 followers on social media platform X demonstrate that he is pessimistic about many alternative projects.
“To be honest, I’m much more pessimistic about alts than I am about BTC. I think you could have a world where BTC is trading at $100,000+ in the next few years, while current alts are trading at 90% less than they are now.”
He requests the utility of many digital assets besides Bitcoin.
“It’s kind of crazy to think about the market caps of cryptocurrency stuff. Yeah, these coins are down. But they also have a market cap of over a billion. What the fuck do these things do?”
Source: DonAlt/X
However, the analyst does not believe that Bitcoin will reach six figures any time soon. He says that Bitcoin is repeatedly printing bearish double top patterns on the daily chart and thinks it is too early to turn bullish again.
“It’s only happened 5 times. I can’t really blame anyone for falling for it. As the saying goes? Fool me once, shame on you, fool me twice, shame on you, fool me five times, shame on you again.”
Source: DonAlt/X
The veteran trader has She said who is hesitant to turn bullish on Bitcoin because he believes the king of cryptocurrencies could repeat another November 2018-style crash. In November 2018, BTC collapsed below $6,000 after consolidating in a tight range for over six months, and Bitcoin didn’t bottom out until it reached nearly $3,000.
At the time of writing, Bitcoin is trading at $56,523, up nearly 3% in the last 24 hours.
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