Compared to Bitcoin, the altcoins are performing excellent.
An analyst, pseudonymously known as InvestAnswers’s host, informs his 443,000 YouTube followers that 94% of the altcoins have outperformed the king currency on the Bitcoin Dominance chart. However, the analyst is still hopeful of the Bitcoin price to spike alongside the altcoins.
The strategist explains that whenever 75% of the top 50 currencies accomplish a bull run against Bitcoin in the span of 90 days, it is referred to as ‘altcoin season’. Right now, this percentage is way above 75%.
Meanwhile, the analyst also says that “what goes up will eventually come down” and hence, the Bitcoin dominance that is currently down, will also rise.
The Bitcoin Dominance chart helps traders to know the overall market capitalization of different cryptocurrencies.
Bitcoin Price At $100,000?
The analyst also takes up the latest Bitcoin prediction made by Bloomberg Intelligence’s Mike McGlone.
McGlone, senior commodity strategist, believes that the Bitcoin price will hit $100,000 if the oil price falls below $50 per barrel. This momentum will see global deflationary pressure, pushing gold prices beyond $2,000 per ounce.
The InvestAnswers host puts forths his analysis about the possibility of Bitcoin reaching $100,000, and says that it could be possible by the summer of 2023, but the price should crawl back to its all-time highs as soon as possible for a fair chance at this.
The post appeared first on Coinpedia
