A closely followed crypto analyst says that one Ethereum (ETH)-based altcoin is gearing up for a massive rally while updating his outlook on Bitcoin (BTC).
In a new strategy session, crypto trader Justin Bennett tells his 114,600 followers on the social media platform X that decentralized exchange (DEX) Curve Finance (CRV) looks primed to skyrocket by over 500%.
“Unsure if we’ll even get the pullback first, but CRV looks ready for $6.80 while above $0.87.”
CRV is trading for $1.11 at time of writing, a 2.7% decrease during the last 24 hours. A spike to Bennett’s target price of $6.80 would represent a 515% increase from its current level.
Moving on to the top crypto asset by market cap, Bennett says that investors shouldn’t be surprised if BTC smashes through the $105,000-$106,000 price tag after it reached the six-figure milestone for the first time ever.
“Six-figure Bitcoin!! Nice move off of new support. We probably see $105,000-$106,000 before some consolidation, but don’t be surprised if it rips right through.”
According to Bennett, altcoins – which had an explosive month of November – could slow down in December versus the crypto king.
“Nice reaction from Bitcoin dominance so far. Alts that had explosive Novembers could cool off in December as BTC takes over.”
Bennett says that altcoins could struggle against BTC if its current dominance level of 54% holds up.
Bitcoin is trading for $100,931 at time of writing, a 6.3% gain during the last 24 hours.
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Featured Image: Shutterstock/TadashiArt
