An influential crypto analyst is cautioning that Bitcoin (BTC) could skyrocket to six figures while altcoin projects lag behind.
Crypto expert DonAlt shares his thoughts with his 569,900 followers on X, expressing bearish sentiments towards many alt projects.
“I’m more pessimistic about alts than I am about BTC. I envision a scenario where BTC reaches over $100,000 in the near future while current altcoins plummet by 90%.”
He raises concerns about the practicality of numerous digital assets apart from Bitcoin.
“It’s mind-boggling to contemplate the market caps of various cryptocurrencies. Yes, these coins are struggling. But their market cap exceeds a billion. What exactly is their purpose?”
However, the analyst doesn’t foresee Bitcoin hitting six figures in the immediate future. He points out that Bitcoin is forming bearish double-top patterns on the daily chart repeatedly and believes it’s premature to turn bullish again.
“It has only increased by 5x. It’s understandable how some may be deceived. But as the saying goes, fool me once, shame on you, fool me twice, shame on you, fool me five times, still shame on you.”
The experienced trader is cautious about turning bullish on Bitcoin as he believes it might be mirroring another crash similar to November 2018. In November 2018, BTC dropped below $6,000 after trading in a narrow range for over six months, hitting a bottom near $3,000.
Bitcoin is currently priced at $56,523, reflecting a nearly 3% increase in the last 24 hours.
Stay Informed – Sign up to receive email alerts directly to your inbox
Analyze Price Movements
Follow us on X, Facebook, and Telegram
Explore The Daily Hodl Mix
Image Credit: Midjourney
