Altcoins
Crypto Analyst Says Bitcoin Could Hit $100,000, But What About Altcoins?
A crypto analyst predicted that Bitcoin (BTC) will climb to $100,000 in a few years. At the same time, he expressed skepticism about the potential altcoins to embark on a similar upward trajectory towards new highs.
Bitcoin set to hit $100,000
In a post on X (formerly Twitter) on June 8, a crypto analyst identified as “DonAlt,” disclosed that he was more pessimistic about altcoins than he was about Bitcoin, the world’s largest cryptocurrency. DonAlt believes that Bitcoin Could See a Mega Rallypushing its price to trade at $100,000 in the coming years.
Considering the Bitcoin Spot ETF Entries and many predictions of an upcoming bull rally, a $100,000 price target for Bitcoin is looking increasingly plausible. Additionally, many market experts, including DonAlt, have maintained a bullish outlook for Bitcoin, predicting major bull rallies for the cryptocurrency. Specifically, Standard Chartered has planned a price increase to $250,000 and Bernstein Analysts expect Bitcoin to rise to $200,000.
On the other hand, Altcoins underperformed 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 trading 90% lower than their current valuations.
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 the current market cycle. It revealed that all altcoins that previously saw gains comparable to Bitcoin have declined significantly, while BTC has remained slightly below its previous historical record.
Additionally, some community members have interrogates if Ethereum (ETH) And Solana (SOL) Altcoins are expected to decline as Bitcoin’s price rises. This concern stems from the fact that despite slight declines and market volatility, Ethereum and Solana have seen massive gains since the beginning of the year.
Solana, in particular, saw a sharp rise after the launch of a Solana Spot ETF filing, while Ethereum followed suit subtly Bitcoin Price Evolutionincreasing sharply when market conditions are favorable and decreasing sharply during periods of volatility.
Will Altcoins Follow Bitcoin’s Rise to New Highs?
A crypto analyst identified as “Doctor Profit” on X has published a detailed report report on altcoins for the third quarter (Q3) of 2024. According to the analyst, altcoins are about to experience a massive pump following the publication of the official launch date of Ethereum Spot ETFThis implies that altcoins could potentially break out of bearish trends and align with Bitcoin’s bullish trajectory if it experiences a price reversal.
Crypto analyst believes recent decline in altcoins presents an excellent buying opportunity for investors. He says the recent 35% drop in the altcoin market is a healthy correction that potentially signals a push to new highs as market conditions stabilize.
Additionally, the cryptocurrency expert predicted a new valuation target for the altcoin marketpredicting its market capitalization will exceed $1 trillion by the end of the year.
Featured image created with Dall.E, chart by Tradingview.com