A crypto analyst has predicted that Bitcoin (BTC) will surge to $100,000 in a few years. At the same time, he has expressed skepticism about the potential for altcoins to embark on a similar bullish trajectory to new highs.
Bitcoin Anticipated To Hit $100,000
In an X (formerly Twitter) post on June 8, a crypto analyst identified as ‘DonAlt,’ disclosed that he was more pessimistic on altcoins than Bitcoin, the world’s largest cryptocurrency. DonAlt believes that Bitcoin could witness a mega rally, pushing its price to trade at $100,000 in the coming years.
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Considering the inflows into Spot Bitcoin ETFs and numerous forecasts of an upcoming bull run, a $100,000 price target for Bitcoin seems increasingly plausible. Moreover, numerous market experts, including DonAlt, have maintained an optimistic outlook for Bitcoin, predicting major bull rallies for the cryptocurrency. Specifically, Standard Chartered has projected a price increase to $250,000 and Bernstein analysts anticipate a surge to $200,000 for Bitcoin.
In contrast, altcoins have been underperforming significantly, influenced by broader market trends and bearish sentiment. Due to the declining price of these cryptocurrencies, DonAlt has highlighted a possible future where Bitcoin dominates the crypto market while many altcoins trade 90% lower than their current valuations.
Sharing a similar sentiment, a crypto community member disclosed that other than meme coins and a few random altcoins, many cryptocurrencies have failed to outperform Bitcoin in this current market cycle. He revealed that all the altcoins which previously witnessed gains on par with Bitcoin have declined significantly, while BTC has remained slightly below its previous all-time high.
Furthermore, a few community members have questioned whether Ethereum (ETH) and Solana (SOL) were among the altcoins predicted to decline as Bitcoin price increases. This concern arises because, despite slight declines and market volatility, Ethereum and Solana have witnessed massive gains since the beginning of the year.
Solana, in particular, surged significantly following the launch of a Spot Solana ETF filing, whereas Ethereum has been subtly following Bitcoin’s price movements, surging upwards during favorable market conditions and declining severely amidst volatility.
Will Altcoins Follow Bitcoin’s Rise To New Highs?
A crypto analyst identified as ‘Doctor Profit’ on X released a detailed report 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 ETFs. This implies that altcoins could potentially exit bearish trends and align with Bitcoin’s bullish trajectory if it witnesses a price reversal.
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The crypto analyst believes that the recent decline in altcoins presents a great buying opportunity for investors. He asserts that the altcoin market’s recent 35% downturn is a healthy correction that potentially signals a surge to new highs as market conditions stabilize.
Furthermore, the crypto expert has predicted a new valuation target for the altcoin market, anticipating its market capitalization to exceed $1 trillion by the end of the year.
Featured image created with Dall.E, chart from Tradingview.com