Some experts shared what they think about bitcoin, why they think a rally could be in the works for it and how soon it could be.
Bitcoin has been kind of slow compared to other altcoins like ethereum and even Dogecoin. The number one cryptocurrency opened the year on a strong note. It has rallied from the $30,000 level at the beginning of this year to hit its peak over $60,000 in April, just four months from the beginning of the year.
Major Signals
- Bitcoin recently retested $60k but declined back to $55k.
- Bitcoins dominance seems to be going up again.
- It may soon supplant the altcoins on the gainers table.
- BTC could become a primary reserve asset against inflation.
But mid-April, it seemed to have slowed down as other altcoin began to outperform it. On its way up to $60,000, Bitcoin re-tested resistance and was moved back to support.
The cryptocurrency coin is quickly gaining popularity as more people see it as a legitimate medium of trade or a safe haven. And it's not just individuals, even institutions are seeing the light concerning cryptocurrencies. When Tesla announced that they had bought bitcoin, it opened the door for more institutional investors to come into crypto.
Lucy Gazmararian, founder and managing partner of Token Bay Capital, believes that bitcoin can be the world's most valuable investment assets in the next 5 - 10 years. "Today, there are first indicators of this occurring, with companies all over the world starting to include bitcoin in their balance sheets.
Brock pierce also said this about Bitcoin, "I'm very positive about the growth potential of this technology after seeing the rise of bitcoin in the last six months (Mkt cap has surpassed $1T)." Our government's bad financial decisions (overprinting, wasteful spending, etc.) only benefit Bitcoin - and there's no sign of that slowing down, based on what we've seen in the last year."
Trader Pentoshi predicts that BTC's price will gather sufficient traction in the days ahead to crack resistance, to the loss of altcoins. After falling below 50%, according to the trader, Bitcoin's dominance could rebound in the immediate future.
Willy Woo, an analyst, agrees with this theory and expects a capital shift from altcoins to BTC in the near future. BTC's dominance has reached a region of "extreme likelihood" for a pattern reversal, as seen below, as Woo predicted.
Many investors believe BTC has hit a local peak, similar to what happened in January 2018 when a three-year bear market started. Woo, on the other hand, argues that this cycle has different markers, with many BTC holders flipping from short-term investors to "strong holders."
Conclusion
The coming weeks would tell whether this would happen or not. But with the fact that most of the altcoins seemed to have mooned already (with ethereum and Dogecoin in the lead.). It may be safe to say that pretty soon we would expect it to be bitcoins turn again.
While its been lovely having ethereum take the spotlight for a while, many cryptoholders, would agree that Bitcoin should take the reins once again.
Question of the day
What do you think, is bitcoin's really coming soon? Let us know in the comments.
