![]() ![]() Naturally, some of these tokens inevitably get "overextended," the analyst said, adding that signs of froth shouldn't distract from the excitement in the space. "I'm positive on bitcoin in both the short term as well as medium term, but long term, in terms of potential, I still feel like a lot of innovation is happening on the altcoin side," Farooq said.įarooq believes that altcoins, or non-bitcoin cryptocurrencies, will "start to pick up" as bitcoin peaks and investors shift their focus to burgeoning ideas, like Web 3.0 and the metaverse, that are developing on other blockchains. Some analysts have likened the coin to " digital gold" and consider it to be an inflation hedge since its quantity can't increase, unlike the dollar.īut the biggest opportunities in the cryptocurrency world are found elsewhere, Farooq said. Pricing pressures will persist longer than many fund managers originally believed, Farooq said, which should make bitcoin more attractive, given that its supply is capped at 21 million units. There are several catalysts that could send the crypto skyward, Farooq told Insider, but the most powerful is inflation. The senior investment analyst at Token Metrics admits his price target for the world's biggest cryptocurrency - $70,000 within the next 18 months, which implies 29% upside from current levels - is conservative, at least compared to some of his contemporaries calling for a rally to $120,000. Mehdi Farooq considers himself to be a bitcoin bull, even though some of his peers might not. The crypto bull shared why he still likes bitcoin and ethereum but is closely eyeing three altcoins.Mehdi Farooq, a senior analyst at Token Metrics, made the case for polkadot to go on a big run.Bitcoin and ethereum have each had an outstanding 2021 but may be running out of upside. ![]()
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