When compared to the current Bitcoin Price, other cryptocurrencies are doing quite well.
An analyst who goes by the InvestAnswers host tells his 443,000 YouTube subscribers that 94% of the altcoins have surpassed the dominant currency according to the Bitcoin price Dominance chart.
However, the expert is still optimistic that the value of bitcoin will appreciate along with the altcoins.
The analyst argues that “altcoin season” is when 75% of the top 50 currencies see a bull run versus Bitcoin over a period of 90 days. This proportion is now much higher than 75%.
The expert also asserts that “what goes up will ultimately come down,” meaning that the current decline in Bitcoin price will be followed by a bullish run come 2023.
The Bitcoin Dominance chart enables traders to see the total market value of other cryptocurrencies.
Bitcoin Price at $100,000?
The analyst also discusses Mike McGlone’s most recent Bitcoin forecast from Bloomberg Intelligence.
Senior commodities expert McGlone predicts that the bitcoin’s value would reach $100,000 if the price of oil drops to less than $50 per barrel.
Due to this trend, gold prices will rise beyond $2,000 per ounce due to global deflationary pressure.
The presenter of InvestAnswers offers his opinion on whether the value of Bitcoin will ever hit $100,000.
Additionally, he claims that it would be feasible by the summer of 2023, but for a legitimate shot at this, the price should quickly creep back to its previous highs.