Popular cryptocurrency analyst Benjamin Cowen makes a big prediction for Ethereum rival Polkadot (DOT), which he predicts will come true when the markets turn bullish again. Here are the predictions and details for the popular altcoin DOT…
Altcoin analyst drew attention to Polkadot
In an interview with Altcoin Daily, Cowen said if the total cryptocurrency market cap reaches $10 trillion He said the DOT could reasonably triple its previous all-time high of $55. The analyst says such a rally will be similar to what Cardano (ADA) has done in previous market cycles.
Analyst said, “If we can reverse that direction and start trending higher and let’s say, if we look at the asset class as a whole – let’s say like $10 trillion in the next 18 months – then I think you can easily see the DOT for a few hundred dollars. We’re talking about 3x the previous all-time high,” he says.
ADA has done just that. ADA was just over a dollar in 2018, and three years later, basically almost exactly three years later… it went up to $3, 3x to an all-time high. I think it’s somewhat reasonable if we get another bull market it goes up to these levels. If we do indeed see another bull market surge and Bitcoin goes above $100,000 then you can see these valuations from Polkadot.
What are the requirements for Polkadot to fly?
Cowen says that the main prerequisite for Polkadot to see such gains is that Bitcoin (BTC) will need to catch up and possibly trade above the six-digit mark. “These valuations for Polkadot are almost certainly not going to happen if Bitcoin is less than six-digit numbers,” he says. He thinks that most of these altcoin projects will not rise if the value of BTC is around $50,000 and he uses the following statements:
Bitcoin sort of sets the limits of these things, so if Bitcoin goes to $2-4 trillion, then layer-1 It will allow some to go to market caps of several hundred billion dollars, for example, but if Bitcoin itself is less, it does not support these valuations.
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