Altcoins

Polkadot (DOT) Price To Surge 3x If Bitcoin (BTC) Price Find Pace At This Range

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Apr 27, 2022

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The month of April has been very harsh on the cryptocurrency market. Since the start of the month, the cryptocurrencies are struggling to find a stable bull run and with this the global cryptocurrency market has plunged by 4.48% over the last 24hrs.

Along Bitcoin, the Altcoins too have been dragged where most of these altcoins are trading on a bearish note. On the other hand, one of the analysts is bullish on Polkadot and has set the currency’s target.

Polkadot (DOT) Price To See Massive 3x Rally

A closely followed crypto analyst and strategist Benjamin Cowen is having bullish approach towards Ethereum competitor, Polkadot. As per the analyst DOT Price will see a bull run once the crypto market turns bullish

In a recent interview with Altcoin Daily, Benjamin Cowen asserts that Polkadot could see its price triple its previous all-time high of $55 once the total cryptocurrency market cap hits a whopping $10 trillion valuation.

The analyst, Cowen is seen claiming that the Polkadot’s rally will be similar to that of what Cardano (ADA) experienced in the previous market cycles. He quotes that 

“If we can turn this train around and start trending higher and we’re looking at, say, the asset class as a whole going to – let’s call it $10 trillion in the next 18 months or something – then I think you could easily see Polkadot at a couple hundred bucks. You’re talking about like a 3x on a prior all-time high.  ADA did that..… it went to $3, it did a 3x on a prior all-time high. I think that’s somewhat reasonable for it to go up to those levels if we get another bull market.”

On the other hand, Benjamin Cowen also believes that for Polkadot to see those gains, Bitcoin has to gear up for bull run and should trade above the six-figure mark. To prove his point, Benjamin quotes that

“I should be clear, those valuations for Polkadot are almost assuredly not going to happen if Bitcoin is less than six figures…..Bitcoin sort of sets the limits on these things so if Bitcoin goes to $2-$4 trillion, then it would allow some of the layer-1s to go to, say, several hundred billion dollar market caps but if BItcoin itself is coming in at less than $1 trillion where it is right now it just simply does not support those valuations.”

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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