Altcoins
Bitcoin Could Surge to $100,000 While Altcoins Get Left Behind, Veteran Crypto Trader Warns
A widely followed crypto analyst warns that Bitcoin (Bitcoin) could reach six figures while altcoin projects remain in the doldrums.
DonAlt, Cryptocurrency Strategist tell His 569,900 followers on the social media platform X indicate that he is pessimistic about many alternative projects.
“To be honest, I’m much more pessimistic about altcoins than I am about Bitcoin. I think we can have a world where Bitcoin is trading over $100,000 in the coming years, while current altcoins are trading 90% cheaper than they are now.”
He questions the usefulness of many digital assets besides Bitcoin.
“It’s kind of crazy to think about the market cap of cryptocurrencies. Yes, these cryptocurrencies are down a lot. But their market cap is also over a billion. But what do these things actually do?”
Source: DonAlt/X
However, the analyst does not believe that Bitcoin will reach six figures soon. said that Bitcoin is repeatedly printing bearish double top patterns on the daily chart and believes it is too early to turn bullish again.
“That’s only 5 times. I really can’t blame anyone for falling for it. How does the saying go? 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 said that he is hesitant to turn bullish on Bitcoin because he believes the crypto king could repeat another November 2018-style crash. In November 2018, BTC fell below $6,000 after consolidating in a tight range for over six months and Bitcoin didn’t bottom until it reached nearly $3,000.
At the time of writing, Bitcoin is trading at $56,523, up nearly 3% in the past 24 hours.
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