Amidst intriguing market dynamics, MDX Crypto, an analyst featured in a recent Crypto Banter video, has shared insights about Bitcoin’s (BTC) future. This comes as legendary trader Michael J. Burry takes a substantial short position against the traditional financial market.
BTC Treasuries Surge
MDX Crypto highlights the rapid increase in BTC treasuries, indicating potential bullish signs for Bitcoin’s long-term outlook. Institutional holdings of BTC’s supply have risen from 7% to 9.2%, showcasing growing interest from established players.
Short-Term View and Long-Term Speculation
Despite the positive BTC treasuries trend, MDX Crypto anticipates a relatively subdued BTC price rally in the short term, unless BTC closes a weekly candle above $30K. If achieved, a rise to $40K could be in the cards. Looking further ahead, MDX Crypto suggests that BTC’s price potentially reaching $250K-$600K isn’t implausible due to uncertainties in the traditional financial market. However, this outcome would hinge on a significant global financial market collapse.
Altcoin Market and Trade Opportunities
MDX Crypto also touches on the altcoin market, stating that the collective market capitalization of cryptocurrencies excluding BTC (TOTAL2) may have found its bear market low. While opportunities for substantial price movements in smaller-capped cryptocurrencies could arise, MDX Crypto expects altcoins to outperform. In this regard, Cronos (CRO) and Dogecoin (DOGE) are singled out as coins to watch during the next bull run.