A popular analyst is impressed by how well altcoins are performing against Bitcoin (BTC) but still believes the king crypto can reach new all-time highs.
The anonymous host of InvestAnswers tells his 443,000 YouTube subscribers that while 94% of altcoins are currently outperforming Bitcoin on the BTC Dominance chart, he believes they’re peaking and BTC is primed to rise again.
“When 75% of the top 50 coins perform better than Bitcoin over the last 90 days, it becomes altcoin season and we are way above 75%, so that is pretty staggering.
Pretty impressive, but whatever goes up comes down, so expect Bitcoin Dominance to be on the rise again soon. We’re already seeing that happen right now as we speak… so expect everything to be choppy as we go forward.”
The BTC Dominance chart tracks how much of the total crypto market capitalization belongs to Bitcoin. A bullish BTC Dominance suggests Bitcoin is rising faster than other crypto assets or altcoins are losing value while the leading crypto by market cap surges.
The analyst next discusses the recent call for Bitcoin to top six figures made by Bloomberg Intelligence’s senior commodity strategist Mike McGlone.
McGlone believes that falling prices will take oil below $50 a barrel, and in turn, deflationary pressures worldwide will push gold above $2,000 per ounce and also boost the price of Bitcoin to $100,000.
The InvestAnswers host says of McGlone’s prediction,
“Here I added some extension lines as to how that possible path could be to $100,000.
When could we get there? Maybe by summer 2023. Who knows? It would look something like that. But first, we have to get back to all-time highs.
For Mike to pound his fist on the tables and say, ‘It’s only a matter of time.’ We’ll see.”
McGlone made similar $100,000 BTC predictions both in January and March of this year.
At time of writing, Bitcoin is priced at $24,356.
I
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Comdas/INelson
