Binance CSO believes Bitcoin price can go as high as $100,000
There is no doubting that the Bitcoin price has been commanding things in crypto markets recently. Even with its current correction of 25%, BTC is still on a roll this year. The king of crypto has done so well that Binance’s Chief Strategy Office thinks it will surge all the way up to $100k.
To the untrained eye, it would seem as if the bearish market will consume Bitcoin and the altcoins will choose a new ruler from amongst themselves. However, the truth is far from that.
Gin Chao, Binance Company Strategy officer (CSO) still believes that the Bitcoin won’t be leaving the bullish market anytime soon. He says that historical trends in Bitcoin price lapses have led to the crypto industry’s giant standing at this very point.
His comments on altcoins are interesting and looking at 2019 performance it would be hard to disagree with him. The majority of altcoins have done very little since their bear market lows in December 2018. A lot of the higher cap coins including XRP, Bitcoin Cash, Cardano, Stellar and Tron are still over 80% down from their all-time highs. Some are even over 90% down still.
Chao added that we are now entering the fourth market cycle for Bitcoin and in previous ones, there was a distinct correlation between the altcoins and BTC. This has not been the case in 2019 when altcoins have been stagnant while Bitcoin has surged.
A sense of proportionality was maintained in the past years when coin prices were changing. That trend hasn’t been spotted ion 2019, Gin Chao adds. Bitcoin has turned into a pool while the altcoins are stagnant as puddle water.
Bitcoin has gone down, but the altcoins have been
shipped to the crypto chamber. Bitcoin has a share of over sixty-percent (60%)
in the market while the overall market has gone down to sixty percent (60%).