Bitcoin Price Set For $100,000, Altcoins Unlikely to Rally: Binance CSO

There is no doubting that the Bitcoin price has been commanding things in crypto markets recently. Even with its current correction of 25%, BTC is still on a roll this year. The king of crypto has done so well that Binance’s Chief Strategy Office thinks it will surge all the way up to $100k.


Bitcoin Price Drops Back To Four Figures

The correction has gathered momentum this week and BTC price made two dips to $9,950 a few hours ago according to Tradingview.com. It is now well below both the 50 and 200 moving averages on the hourly chart and heading towards the 50 on the day chart.

From its high to current prices 00 Bitcoin price has now corrected 25% and looks to drop further. Lower highs and lower lows have confirmed the downtrend in the shorter term and traders will be looking at support levels around those moving averages to start re-accumulating.

The long term picture is still very bullish however and one industry executive thinks $100k Bitcoin price is not too far away. Binance Strategy Officer, Gin Chao, talking to BlockTV said:

“If you look at historical patterns you are probably looking at new highs at least for bitcoin in the $50,000-100,000 range.”

His comments on altcoins are interesting and looking at 2019 performance it would be hard to disagree with him. The majority of altcoins have done very little since their bear market lows in December 2018. A lot of the higher cap coins including XRP, Bitcoin Cash, Cardano, Stellar and Tron are still over 80% down from their all-time highs. Some are even over 90% down still.

Chao added that we are now entering the fourth market cycle for Bitcoin and in previous ones, there was a distinct correlation…

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