Bitcoin has already recovered from the minor slump of last week and seems now poised for a new bull run. Several analysts predict it won’t go below $ 10,00 any more and it is shooting toward much higher values. Institutional investors keep buying it as well as its derivatives. Network usage is at an all-time high. Altcoins won’t benefit from this new season of growth, but many of them will actually disappear.
Cryptocurrencies & Markets
Bitcoin (BTC) has regained $12,000 value on July 4 showing a performance that is similar to its 2017’s parabolic rise. After a bearish move to just $9,700, Bitcoin has suddenly U-turned and now charts are looking more and more like a repeat of Bitcoin’s progress in the second half of 2017.
On July the first there were some 860,000 transaction inputs in the Bitcoin network, which is comparable to the December 2017 peak levels. Like inputs, outputs have also increased steadily coming to a peak of just over one million. A Bitcoin transaction can have multiple originators and multiple recipients, therefore inputs and outputs don’t necessarily match.
Anthony Pompliano predicts bitcoin (BTC) will reach $100,000 by the end of 2021. He is co-founder of crypto asset management firm Morgan Creek Digital Assets. He is basic his prediction on a classic supply-demand economic formula, which he believes is still valid for digital assets. One of the main drivers of appreciation will be Bitcoin’s halving of mining results in May 2020.
Willy Woo is a well known Bitcoin analyst and the author of indexes to establish its value and trends. He has recently stated that more Bitcoin investors are hodling than usual and that the 2019 bull season could be similar to Bitcoin’s jump in value during 2012. He believes that BTC could consolidate between $7,800 and $9,000 before starting an actual organic bull run.
Traders are awaiting the beginning for the parabolic jump in Altcoins that historically follows Bitcoin’s rise. But Altcoins like XRP, EOS, XLM, BSV and many others in the top 20 will drastically underperform and hundreds of altcoins will disappear completely. Incoming institutional money won’t buy them. Traders will use the growing bitcoin derivatives market to find huge gains instead of Alts.