Bitcoin Prepares For Parabolic Move To $100,000 As Altcoin Season’s Top, According To Crypto Analyst
A popular analyst is impressed with how well altcoins are performing against Bitcoin (BTC), but still believes the crypto king could 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 are peaking and BTC is poised to rise again.
“When 75% of the top 50 coins outperform Bitcoin in the last 90 days, it’s altcoin season and we’re well over 75%, so that’s pretty staggering.
Pretty impressive, but what goes up comes down, so expect Bitcoin dominance to be on the rise again soon. We’re already seeing that happening right now as we speak… so expect things to be choppy moving forward.”
The BTC dominance chart tracks how much of the total crypto market value belongs to Bitcoin. A bullish BTC dominance suggests that Bitcoin is rising faster than other cryptoassets or altcoins are losing value while the leading crypto by market capitalization is rising.
The analyst then discusses the recent call for Bitcoin to top six figures made by Bloomberg Intelligence Senior Commodity Strategist Mike McGlone.
McGlone believes falling prices will take oil below $50 a barrel, and in turn, deflationary pressures worldwide will push gold above $2,000 an ounce and also push the price of Bitcoin to $100,000.
The InvestAnswers host says of McGlone’s prediction,
“Here I added some extension lines for what the possible path might be to $100,000.
When could we get there? Maybe by the summer of 2023. Who knows? It would look something like this. But first we have to get back to all-time highs.
For Mike to bang his fist on the tables and say, ‘It’s only a matter of time.’ We’ll see.”
McGlone made similar $100,000 BTC predictions in both January and March of this year.
At the time of writing, Bitcoin is priced at $24,356.
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