Bitcoin Bounces over $6,700 & Altcoins Go Green, But Expert Says it can get Really Ugly

Bitcoin took a spike and reached $6,800 today and altcoins registered decent gains as well while some made substantial gains. So, is a bull rally coming? Anthony Pompliano says not yet, things just might get uglier before his predicted $50,000 hits but likely not before 2023.

Bitcoin touches $6,800, altcoins enjoy the bulls

Bitcoin is having a really good day as the prices touched the $6,800 level. The world’s leading cryptocurrency has been enjoying the 24-hours gains of about 2.69 percent. At the time of writing, Bitcoin has been sitting at $6,732. With a market cap of over $115.5 billion, it has been managing the daily trading volume of more than $3.9 billion which is a decent enough rise of about $5 million from yesterday.

As we can see in the chart below, Bitcoin started this month at $7,750. It subsequently took a drastic downward shift, dropping down to $5,970. However, since then it has been on a somewhat ascending curve. Going through a whirlwind of movements, Bitcoin ETF played a major part not only in bringing its price down but giving it a swift upward kick as well.

As usually happens, a majority of the cryptocurrencies registered the gains in tandem with Bitcoin price rise. However, BTC dominance is managing its stance while standing strong at 53.6%.

Out of the entire crypto market, the altcoins that are making significant gains are:

IOTA (MIOTA) is up by 5.28% at $0.530

Lisk (LSK) is rising by 9.77% at $5.28

Nano (NANO) spiked by 19.51% at $2.83

ICON (ICX) is gaining 14.11% at $0.74

Verge (XVG) also made a recovery by 5.90% reaching $0.0134

Waltonchain (WTC) has risen by 9.34% at $3.38  

Wanchain (WAN) is up by 20.41% at $1.08

Also, read: Bitcoin Remains the King as Altcoins Purge, An Imminent Death or a Golden Shot?

A bull rally coming? Expert says Bitcoin hafta wait!

With the way greens are running in the market and experts re-emphasizing on Bitcoin price to reach great heights by year end, one expert has rather postponed his bull rally and Bitcoin price prediction.

Anthony Pompliano has released a report stating:

“I predicted that Bitcoin could reach $50,000 by the end of this year — I was wrong. As I’ve looked at more data, it is apparent that I was correct to predict a Bitcoin price of $50,000. Unfortunately, my timeline may have been off by as much as 4 years.”  

As for why this outlook, he clarifies three reasons for the same viz parabolic increases in price continue to take longer, bear markets continue to last longer, and each bitcoin halving has led to a bull market, the latest one coming in 2020.  

It is a good thing that he reanalyzed his prediction and gathered better data points to bring forward a revised version of his prediction where he explains bad things might be coming:

“We are likely to see Bitcoin near $3,000 before we see Bitcoin at $10,000 again. If this is true, that means we still have ~50% price decrease to go. Things may get really, really ugly if this happens.”

Though as the crypto market doesn’t follow any rules, Pompliano does caution that “price targets should be taken with a grain of salt.”