Contrary to the expectations of the masses throughout most of 2023, Bitcoin is performing remarkably well. It has just reached $31k, marking the highest level for this year, and the exciting part of the ride might be just around the corner.
When institutions like the IMF acknowledge that banning Bitcoin and crypto won't solve any global issues, and that countries taking such measures would be shooting themselves in the foot, you know we're in for a thrilling bull market.
Moreover, with big players like BlackRock rushing to submit their applications for a Bitcoin spot ETF, it's a clear sign that it's time for the "good times to roll," as Elon tweeted a few months back.
So, what's next for BTC now that it has hit $31K and the bears have been decimated?
In my opinion, this is not a local top. BTC still has plenty of fuel left to power through most of the summer, and I personally believe we will see BTC reach $40,000 to $45,000 by year-end.
@toofasteddie mentioned in a comment on one of my posts (or perhaps in a reply to one of my comments on his posts) that I'm his favorite bull. Well, I've been bullish since $20k and will remain so until about 1.5 years after the halving.
I believe halvings act as significant psychological triggers for bull markets, and our next one is scheduled for April 2024. So, expect some volatility ahead, but stay bullish. This is not the time to be fearful; we've moved past that phase already.
Now, what about altcoins?
Well, altcoins will also perform, but it may take a while before they do so collectively. In my view, for now, BTC and its forks like BCH will lead the way, with BTC increasing its dominance in the market.
Once BTC reaches its peak or stabilizes at a certain level, we can anticipate some substantial rallies for altcoins. However, don't sell too soon; we're far from reaching our peak. This is just the warm-up for what's yet to come.
I believe HIVE will surpass $0.5 this year, and LEO might have a chance to achieve parity with HIVE. Additionally, coins related to metaverse, gaming, and AI are expected to perform well. What are your thoughts? What do you think lies ahead for the crypto market now that BTC has reached $31K?
Thanks for your attention,
Adrian