7 Altcoins To Buy As Bitcoin Rises To $ 120,000 In 2022: Analyst

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Forrest Przybysz, senior cryptocurrency analyst at Token Metrics, has mixed news for bitcoin fans. The token is expected to reach $ 120,000 by early 2022, but that could cause the bitcoin bubble to burst. It also has seven altcoins to consider buying as metaverse and digital money gain traction.

Bitcoin supporters like Forrest Przybysz, senior cryptocurrency investment analyst at Token Metrics, have ignored the recent 15% correction in crypto. After all, Przybysz told Insider in a recent interview, bitcoin had risen 66% in seven straight weeks, so it was doomed to sell. Healthy correction is no reason to panic.

Volatility is to be expected with booming assets like bitcoin, but if Przybysz’s latest prediction turns out to be correct, those who can withstand the ups and downs and hold out for the next six months in will reap the rewards.

Bitcoin is expected to hit a “big aggressive peak” of $ 120,000 between January and May, Przybysz told Insider, adding that his current “worst case” scenario is $ 44,000. Two months ago, the crypto analyst told Insider that bitcoin could cost between $ 100,000 and $ 150,000 by the end of the year, which is increasingly looking like a long shot.

The match that triggers the bitcoin rocket could be a spot exchange-traded fund (ETF) for bitcoin. While a bitcoin futures ETF was already launched in October and helped the token rally, an ETF directly backed by the token would be a much more positive development, Przybysz said. This catalyst could potentially take bitcoin to $ 150,000, or even a “stretch” target of $ 180,000, he said.

Bitcoin’s boom could lead to its collapse

Przybysz acknowledged that if bitcoin doubled from current levels, it would not do so in a straight line. The near-term rise could be capped at $ 79,000, he said, about $ 10,000 more than his previous record.

And even if Bitcoin hits its ambitious goal of $ 120,000 next year, Przybysz said it might not be a welcome development for long-term investors because it could be the start of the end of the market. great bitcoin run.

“We’re coming to a point in the crypto cycle where we’re near the end of the four-year cycle, Bitcoin’s four-year half-cycle,” Przybysz said. “And usually towards the end it’s the most volatile period with the most aggressive upward moves. But those aggressive upward moves are almost always, really always are, followed by a pretty sharp crash with a lot of volatility. So I ‘I would say it’s very likely. … The market looks very ripe for parabolic acceleration. ”

Altcoins to buy as a metaverse, digital money is gaining steam

If bitcoin explodes, altcoins – generally defined as cryptocurrencies in addition to bitcoin – can benefit.

Seven smaller altcoins that Przybysz is bullish on are listed below, along with each token’s symbol, market cap, and use case. The crypto analyst told Insider that he personally owns three of the altcoins, in addition to bitcoin and ethereum: Wonderland, Avalanche, and Nano.

The first four tokens mentioned provide exposure to the Metaverse, which is being described as the next evolution of the internet thanks to the more immersive experience it could someday offer. Przybysz said he was bullish on the metaverse as investments increase over the next several years.

“The metaverse, I believe, is going to be an ongoing narrative that people keep going and investing in because I think they see it as the future,” Przybysz said. “I don’t think the metaverse’s tale is over yet.”

A non-metaverse altcoin that jumps to Przybysz sits at the bottom of this list, with a slightly modified interpretation of his thesis on it. Altcoin is his biggest personal position – bigger than bitcoin or ethereum – he said, even though he’s lagged behind his peers lately.

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