Max Keiser: Altcoin Phenomenon Finished, Value Will Flow Into Bitcoin
American broadcaster and known bitcoin bull Max Keiser suggested that the cryptocurrency market rally will not include altcoins.
Keiser said that with the development of the cryptocurrency space and adoption of Segregated Witness (Segwit) and the Lightning protocol, people began to better understand the store of value bitcoin offers, as well as scaling that would happen off chain. This, per Keiser, made crypto owners move their funds back into “the most secure chain [bitcoin].”
Keiser further projected that altcoins are going to pennies or even out of existence, because “all that cash is going to flow into bitcoin.” He reasoned that with bitcoin’s market current dominance 60% — which Keiser purports could go to 80%–90% — “the altcoin phenomenon is finished,” he stated.
Recently, veteran trader and author Peter Brandt predicted that bitcoin will continue to grow but altcoins will not feel the benefits. Brandt said that unlike the previous bull market cycle in 2017, bitcoin’s gains would not have a knock-on effect elsewhere. He summarized, “Cryptomaniancs expect alts to do so again — they may be very disappointed.”
In late June, ThinkMarkets chief market analyst Naeem Aslam predicted that bitcoin will hit somewhere between $60,000 and $100,000 during its next bull run. He argues that by hitting $20,000, discussion will move from conservative estimates exceeding the number one coin’s all-time high to forecasts of $50,000; from there, breaking $50,000 will move the price target to $100,000.