Tim Draper, one particular on the most bullish investors and figures in cryptocurrency, has updated his bold $250,000 price prediction for Bitcoin to happen by 2023.
Crypto Markets Surge as Bitcoin Nears $7,000: Is “Altseason” Upon Us?
Now, analysts are closely watching to determine how altcoins respond to Bitcoin’s recent surge, and several analysts think that Bitcoin’s rally may possibly begin to cool-off, enabling the general crypto markets to surge higher.
Although the altcoin markets have already been caught in a bout of sideways trading ever given that Bitcoin began its upwards surge, many cryptos have began climbing larger right now, and analysts believe that several alts will soon incur an explosive upwards surge.
DonAlt, a popular cryptocurrency trader on Twitter, spoke about this possibility within a recent tweet, explaining that he believes longing different altcoins will be more lucrative inside the near-term than attempting to brief BTC.
Today, a lot of altcoins have already started breaking out, with Ethereum jumping 10% to its current price of $191, XRP surging more than 7% to its existing value of $0.322, and Litecoin pumping a whopping 16% to $88.
Although today’s gains are surely positive, they’re a far cry from the massive 100%+ gains several altcoins have observed in earlier bull markets.
Regardless of this, altseason – the term many investors use to refer to period of parabolic gains for cryptocurrencies excluding Bitcoin – may possibly quickly be upon the crypto markets.
“$ALT Season within the making? – Just watch Bitcoin dominance. Bitcoin dominance dropped 10% to 14% through the monster altcoin runs in 2018. My approach for acquiring altcoins is to watch the charts for BTC dominance % to pullback. An alt rally could push BTC % back down near 50%+/-,” he noted.