New Bitcoin And Crypto Forecast Emerges
The crypto market looks great today with all the important coins trading in the green.
At the moment of writing this article, BTC is also trading in the green and the most important coin out there is currently priced at $9,394.86.
There have been all kinds of predictions about the price of Bitcoin, especially following the halving, and most of them were bullish.
Experts and investors alike are expecting to see some impressive price moves.
Bitcoin analyst who predicted BTC’s pullback back in 2019 said that he is expecting altcoins to go through massive correction before a new bull cycle begins.
Altcoins to go through a correction
The online publication the Daily Hodl mentions pseudonymous strategist Dave the Wave who just said that Bitcoin’s market dominance would initially rise at the expense of altcoins before the signs of exhaustion appear.
He said that Bitcoin’s market share would climb to as high as 76%, and BTC will begin a slow move down to $6,000 or even lower. He also claims that this cleanse will set the stage for an altcoin rise that would take BTC dominance down to 30%.
Freebie from my alts page…
Possibility here of a small alt coin rally [while BTC remains stagnant] before the large correction that sets us up for the bull market going forward…. pic.twitter.com/7HvPeBA8ey
— dave the wave (@davthewave) July 4, 2020
It’s also worth noting that in the long run, Dave is expecting to see the altcoins gaining a bigger market share as the price of BTC will rise – this is what happened during the parabolic rally back in 2017.
He believes Bitcoin may reach $150,000 at the height of the next major bull run in 2023.
These predictions triggered a debate.
The crypto-focused venture firm Pantera Capital said:
“[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.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.