Recently, Real Vision CEO Raoul Pal said that the collapse of fiat currencies could cause the cryptocurrency market to appreciate more than 100 times by 2030.
Pal justifies his claim by saying that the cryptocurrency market can be compared to the emergence of the Internet, although the adoption of crypto assets is much faster than the adoption of the World Wide Web.
“The Internet grew 63% a year in number of users between 1990 and 2000. In 1997, there were 150 million Internet users … the fastest growth of any technology the world has ever seen … So here we are today in cryptocurrencies, which have also existed for about 10 years. There are currently 150 million users, but the network is growing at a rate of 113% per year, which is twice the speed of growth of the fastest technology that has seen the world. We’ve never seen anything like it, “he said.
Furthermore, according to him, currently cryptocurrencies are an asset class that is at the $ 2 trillion mark, however, its adoption curve is expected to take its value to $ 200 trillion in 2030.
However, in the short term, the crypto market faces a small correction, as the price of Bitcoin (BTC) is trading in the $ 60,000 range after a drop of more than 8%.
And while analysts look for a cause for the recent drop and mark which cryptocurrencies have upside potential in this period of volatility in the price of BTC, the analyst known as Altcoin Sherpa has pointed out the crypto assets that investors should not buy now because they are close to a drop of up to 20%.
Thus, according to the analyst, the memecoin Dogecoin (DOGE) is expected to continue its downward movement, especially in its Bitcoin pair.
“Looking for those swinging lows at 0.00000330 BTC ($ 0.20).”
Cryptocurrencies that will fall
The analyst also highlights Cosmos, a project presented as the “internet of blockchains.” Altcoin Sherpa says it sees Cosmos correcting against Bitcoin (ATOM / BTC) to its entry zone around 0.0004 BTC ($ 24.25).
“ATOM – It’s still pretty neutral about it. I think it goes down a bit more with the BTC pair and then it cuts (at best) on the pair,” he said.
Another cryptocurrency on the operator’s list that is expected to drop in the short term is Loopring (LRC), a blockchain that allows anyone to develop a decentralized exchange. According to Altcoin Sherpa, the crypto asset could drop by 20%.
“LRC: I’m bidding a little lower at 0.382 and 0.50 [niveles de Fibonacci]. “”
As for Bitcoin, the strategist says that while he remains bullish, a convincing move below $ 60,000 could catalyze a massive sell-off event.
“One bad thing is that that $ 60,000 zone has gone up a lot in a short time. If $ 60,000 falls, it should quickly come 50,000 (knowing how these things happen). The last real low that was formed was $ 45,000, so while we are above, I’m still bullish in the middle of the price. “”
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