As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull runs driven by diverse narratives. However, my personal perspective leans towards the argument that the next major surge might be primarily about Bitcoin and its layer 2s.
Amidst discussions among crypto traders about which story could spark the next price surge, an analyst suggests that the key to this rise might actually be found within the most valuable cryptocurrency in the market.
As a crypto investor, I’ve been sensing a common sentiment that the upcoming bull market is likely to heavily favor Bitcoin and its associated second layers. This insight comes from discussions with Quantum Economics founder and crypto analyst, Mati Greenspan.
Bitcoin ‘first narrative,’ with $100K looming
Ever since the implementation of Taproot in November 2021, the story of Bitcoin has been growing steadily, much like a rolling snowball. This upgrade paved the way for faster development and enhancement of decentralized financial services within the Bitcoin network.
He emphasized that during the last year, “unprecedented opportunities” have emerged for Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) to be developed on the Bitcoin’s primary network.
According to Greenspan, it’s quite plausible that Bitcoin could reach $100,000 by 2024, especially if a candidate supportive of cryptocurrency wins the presidential election in November.
“At this point, it’s just waiting for confirmation of a Trump victory, and then off to the races.”
According to Bitcoin millionaire Erik Finman’s statement to CryptoMoon, he anticipates that if Donald Trump is re-elected for a second term, the value of Bitcoin might surge to $100,000.
Yet, Greenspan expresses a less enthusiastic outlook towards Ethereum. He stated, “Constructing a convincing argument for Ethereum’s growth is challenging given the presence of several established market alternatives that are currently less expensive and more scalable.
On October 20th, according to CryptoMoon, the value of all Bitcoin in circulation exceeded that of Ethereum by more than a trillion dollars.
Generally speaking, it’s common for market players to anticipate that bull markets for Bitcoin will commence when it sets new record prices. After Bitcoin seems to have peaked in the eyes of traders, investments often shift towards alternative cryptocurrencies and riskier tokens, as investors seek higher potential profits.
Skepticism surrounds the future of AI memecoins
Regarding meme coins, Greenspan expresses some reservations. When inquired about the recent hype surrounding Goatseus Maximus (GOAT), which garnered a market capitalization of $688 million just 11 days after its October 14 launch following an endorsement from the AI bot Truty Terminal, he shows caution.
“They might do well, and they might not,” Greenspan claimed.
He explained that while market fluctuations can be unpredictable in the short run, it’s often difficult to guess which ones will prove successful. However, long-term investors usually disregard such instability until it has built up enough momentum or significance, as they put their faith in the long term instead.
Greenpsan advises investors exploring speculative cryptocurrencies during the excitement period to ponder, “What function does this coin serve?” and question, “Is it possible for Bitcoin, Ethereum, or another tier-1 platform to accomplish its objectives instead?
Additionally, he emphasized the significance of investigating the team behind the project’s progression and understanding the forces influencing its market supply and demand trends.
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2024-10-25 19:36