Renowned analyst predicts Bitcoin to outperform altcoins in 2021 – FXStreet

Since the beginning of 2020, the small-cap, medium-cap and large-cap altcoin indexes from FTX exchange have outperformed Bitcoin, according to an earlier Bitcoinist report. However, a renowned trader and analyst (@SmartContractor) expect this trend to get reversed in 2021.

According to the analyst, Bitcoin dominance (the percentage of the crypto market made up of BTC) has the potential to surge to 86% by 2021-2022. He attributed this sentiment to Elliot Wave - a technical analysis tool that suggests that markets move in predictable cycles because of investor psychology.

While the analyst expects altcoins to underperform Bitcoin in 2021, he shares a different sentiment from a shorter-term perspective. According to a chart he shared on Twitter, Bitcoin dominance is likely to fall in October of this year. The chart suggests a retracement of Bitcoin dominance to 60%.

Notably, this is the same trader who predicted Bitcoin would bottom at $3,200 in 2018 a few months before it did.

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Renowned analyst predicts Bitcoin to outperform altcoins in 2021 - FXStreet

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