A widely followed crypto analyst is warning that Bitcoin (BTC) could soar to six figures while altcoin projects remain behind in the doldrums.
Crypto strategist DonAlt tells his 569,900 followers on the social media platform X that he is bearish on many alt projects.
“To be honest, I’m much more pessimistic on alts than I am for BTC. Think you can have a world where BTC trades at $100,000-plus in the coming years while current alts trade 90% lower than they do right now.”
He questions the utility of many digital assets besides Bitcoin.
“Kind of insane to think about the market caps of stuff in crypto. Yeah, these coins are down bad. But also their market cap is a billion plus. What the f*ck do these things even do?”
However, the analyst does not believe Bitcoin will hit six figures anytime soon. He says that Bitcoin is repeatedly printing bearish double-top patterns on the daily chart and thinks it’s too soon to turn bullish again.
“It’s only been 5x. I can’t really blame anyone for falling for it. How did the saying go? Fool me once, shame on you, fool me twice, shame on you, fool me five times, still shame on you.”
The veteran trader has said that he’s hesitant to flip bullish on Bitcoin because he believes the crypto king may be repeating another November 2018-style crash. In November of 2018, BTC broke down below $6,000 after consolidating in a narrow range for over six months and Bitcoin didn’t bottom out until reaching nearly $3,000.
Bitcoin is trading for $56,523 at time of writing, up nearly 3% in the last 24 hours.
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