A widely followed crypto analyst warns that Bitcoin (BTC) could soar to six figures, while altcoin projects are left in the doldrums.
Crypto strategist DonAlt tells his 569,900 followers on the social media platform X indicate he is bearish on many alt projects.
“To be honest, I’m much more pessimistic about alts than I am about BTC. Think a world could emerge where BTC trades at over $100,000 in the coming years, while current alts trade 90% lower than they are today.”
He to ask the usefulness of many digital assets besides Bitcoin.
“Kind of crazy to think about the market cap of things in crypto. Yes, these coins have fallen badly. But their market capitalization is also a billion plus. What do these things actually do?”
However, the analyst does not believe Bitcoin will reach six figures anytime soon. He say 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 that. What was the saying? Fool me once, shame on you, fool me twice, shame on you, fool me five times, shame on you still.
The veteran trader has said he is hesitant to turn bullish on Bitcoin as he believes the crypto king may be repeating another November 2018-style crash. In November 2018, BTC fell below $6,000 after more than six months of consolidation within a narrow range, and Bitcoin only bottomed out when it reached almost $3,000.
Bitcoin is trading at $56,523 at the time of writing, up almost 3% in the past 24 hours.
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Generated image: Midjourney