A well-known crypto analyst is predicting that Bitcoin (BTC) could skyrocket to six figures, but other cryptocurrencies (altcoins) might get stuck in the mud.
Altcoins in Trouble?
DonAlt, a popular crypto strategist, thinks many altcoin projects are in trouble. He told his 569,900 followers on X (formerly Twitter) that he’s not optimistic about their future. He believes it’s possible for Bitcoin to reach $100,000 while altcoins are trading 90% lower than they are now.
DonAlt questions the value of many altcoins, saying: “It’s crazy to think about the market caps of some of these cryptocurrencies. They’re down a lot, but they still have market caps of over a billion dollars. What the heck do they even do?”
Bitcoin’s Uncertain Future
While DonAlt is bullish on Bitcoin’s long-term potential, he doesn’t think it will hit six figures anytime soon. He sees a pattern on the daily chart that suggests Bitcoin might be headed for another big drop, similar to the one it experienced in November 2018.
Back then, Bitcoin crashed below $6,000 after trading sideways for months, eventually bottoming out near $3,000. DonAlt is worried that history might repeat itself.
A Word of Caution
It’s important to remember that this is just one analyst’s opinion. The crypto market is volatile, and predicting the future is always risky. If you’re thinking about investing in crypto, make sure you do your research and understand the risks involved.
