Ethereum (ETH)-based altcoins are preparing for a major rally, a cryptocurrency analyst said, updating his outlook for Bitcoin (BTC).
In a new strategy session, cryptocurrency trader Justin Bennett told his 114,600 followers on social media platform
“Not sure if we will get the pullback first, but CRV appears ready for $6.80 while it is above $0.87.”
CRV is trading at $1.11 at the time of writing, down 2.7% in the last 24 hours. A surge at Bennett’s price target of $6.80 would represent a 515% increase from current levels.
Moving on to the top cryptocurrency asset by market capitalization, Bennett said investors shouldn’t be surprised if BTC breaches the $105,000-$106,000 price tag after reaching the six-figure milestone for the first time ever.
“6-digit Bitcoin!! The new support is going well. “It’s expected to be $105,000 to $106,000 before some consolidation, but don’t be surprised if it gets ripped off right away.”
According to Bennett, altcoins, which had an explosive month in November, may slow down in December compared to the cryptocurrency kings.
“This is a good response to Bitcoin dominance so far. Altcoins that saw explosive gains in November may cool down in December as BTC takes over.”
Bennett said the altcoin could take on BTC if its current 54% dominance level is maintained.
At the time of writing, Bitcoin is trading at $100,931, up 6.3% in the last 24 hours.
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