Remarkably Accurate Bitcoin (BTC) Analyst Reveals Crypto Forecast As Debate on Market Direction Intensifies


ADVERTISEMENT


A Bitcoin analyst who correctly predicted BTC’s deep pullback last year expects altcoins to go through a large correction before a new bull cycle begins.

According to the pseudonymous strategist Dave the Wave, Bitcoin’s market dominance will initially rise at the expense of altcoins before signs of exhaustion appear.

Dave sees Bitcoin’s market share climbing to as high as 76% as the market hemorrhages in the months ahead, with BTC beginning a slow move down to $6,000 or lower. But the crypto strategist says the cleanse would set the stage for an altcoin resurrection that would take BTC dominance all the way down to 30%.

In the long run, Dave expects altcoins to gain greater market share as the price of BTC rises, which happened during the last parabolic rally in 2017. The analyst believes Bitcoin may reach $150,000 at the height of the next major bull run in 2023.

The overall debate on if and when a major altcoin rally will begin is intensifying. While Dave sees altcoins facing pain in the near term, the crypto-focused venture firm Pantera Capital expects alts to outshine the king cryptocurrency in the coming months.

“[Bitcoin dominance is] currently sitting at 65%. The implication here is that over time we expect the performance gap between alts and bitcoin to widen over the course of the next year, with alts outperforming.”

ADVERTISEMENT


Meanwhile, DataDash founder and crypto strategist Nicholas Merten is also bullish on altcoins as he sees alts slowly gaining ground against BTC.

“These small bits and pieces that we are seeing, where altcoin dominance starts to grow, why I get excited is because this has been happening for the last few months – in fact the last few quarters – going back towards the fall of 2019…

It’s a slow game, especially during the initial phases of the beginning process of an altcoin cycle.”

Check Latest News Headlines

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.
This article was originally published on The Daily Hodl
Previous Central Bank of India Stands by the Crypto Trading in India | Invision Game Community
Next TCS Launches Quartz™ Smart Solution to Help Financial Institutions Offer Cryptocurrency Trading