Altcoins
Cryptocurrency Analyst Says Bitcoin Could Hit $100,000, But What About Altcoins?
A cryptocurrency analyst has predicted that Bitcoin (BTC) will rise to $100,000 in a few years. At the same time, he expressed skepticism about the potential for altcoins to embark on a similar bullish trajectory to new highs.
Bitcoin Predicted to Reach $100,000
In a post on X (formerly Twitter) on June 8, a cryptocurrency analyst identified as “DonAlt,” disclosed who was more pessimistic about altcoins than about Bitcoin, the world’s largest cryptocurrency. DonAlt believes that Bitcoin Could See a Mega Rallybringing its price to $100,000 in the next few years.
Considering the Inflows into Spot Bitcoin ETFs and numerous predictions of an imminent rally, a $100,000 price target for Bitcoin is looking increasingly plausible. Additionally, numerous market experts, including DonAlt, have maintained an optimistic outlook for Bitcoin, predicting major upside for the cryptocurrency. In particular, Standard Certificate Authority predicted a price increase to $250,000 and Bernstein Analysts predict a surge to $200,000 for Bitcoin.
In contrast, Altcoins underperformed expectations significantly, influenced by broader market trends and bearish sentiment. Due to the decline in the price of these cryptocurrencies, DonAlt highlighted a possible future where Bitcoin dominates the cryptocurrency market while many Altcoins are down 90% compared to their current ratings.
Sharing a similar sentiment, a member of the crypto community disclosed that, aside from meme coins and a few random altcoins, many cryptocurrencies have failed to outperform Bitcoin in this current market cycle. He revealed that all altcoins that had previously seen gains on par with Bitcoin have dropped significantly, while BTC has remained slightly below its previous all-time high.
Additionally, some community members have questioned self Ethereum (ETH) AND Solana (SOL) were among the altcoins expected to decline as Bitcoin’s price surged. This concern comes as despite minor declines and market volatility, Ethereum and Solana have seen huge gains since the start of the year.
In particular, Solana has risen significantly following the launch of a Solana Spot ETF Deposit, while Ethereum has followed suit discreetly. Bitcoin Price Movementsincreasing dramatically in favorable market conditions and decreasing dramatically in volatile conditions.
Will Altcoins Follow Bitcoin’s Rise to New Highs?
A cryptocurrency analyst identified as “Doctor Profit” on X has released a detailed report relationship on altcoins for the third quarter (Q3) of 2024. According to the analyst, altcoins are poised to witness a massive pump following the release of the official launch date for Ethereum Spot ETFsThis implies that altcoins could potentially break out of bearish trends and align with Bitcoin’s bullish trajectory if a price reversal occurs.
Cryptocurrency analyst believes that the recent decline in altcoins represents a great buying opportunity for investors. He says the recent 35% decline in the altcoin market is a healthy correction that potentially signals a rally to new highs as market conditions stabilize.
Additionally, the cryptocurrency expert predicted a new valuation target for the altcoin marketpredicting that its market capitalization will exceed $1 trillion by the end of the year.
Featured image created with Dall.E, chart from Tradingview.com