As the crypto world speculates on what narrative will drive the next bull market, one seasoned analyst argues that Bitcoin could dominate the scene. According to Mati Greenspan, founder of Quantum Economics, the upcoming phase of the bull run will be “all about Bitcoin,” sidelining Ethereum and the hype around AI-powered memecoins.
Bitcoin to Take Center Stage in the Next Bull Market
In an interview with Cointelegraph, Greenspan emphasized that Bitcoin’s dominance is likely to increase, marking it as the focal point of the next bull run.
“The general feeling is that this coming bull run will be all about Bitcoin and its layer-2 solutions,” said Greenspan.
Bitcoin’s appeal has been growing steadily since the Taproot upgrade in November 2021. Taproot not only improved Bitcoin’s scalability and privacy features but also laid the groundwork for DeFi and NFTs to flourish on the Bitcoin main chain.
A $100,000 Bitcoin in 2024?
Greenspan is optimistic about Bitcoin reaching new all-time highs, even predicting that a $100,000 Bitcoin price is achievable in 2024. He added that the election of a pro-crypto U.S. presidential candidate could accelerate Bitcoin’s price surge.
Bitcoin millionaire Erik Finman echoed this sentiment, saying, “If Trump wins, I believe Bitcoin could hit $100,000 during his second term.”
Greenspan’s outlook aligns with the trend of Bitcoin-first narratives, where Bitcoin gains momentum before speculative capital flows into altcoins. Historically, bull runs begin with Bitcoin rallying to new highs, followed by a shift toward altcoins as traders seek higher returns in riskier markets.
On October 20, Bitcoin’s market cap surpassed Ethereum’s by over $1 trillion, reinforcing Bitcoin’s dominant position in the crypto market.
Why Ethereum May Struggle in the Upcoming Cycle
While Bitcoin seems poised to lead the next bull run, Greenspan is less enthusiastic about Ethereum’s prospects. He noted that Ethereum now faces stiff competition from cheaper and more scalable layer-1 networks.
“It’s difficult to make a bullish case for Ethereum when so many competitors exist that are more affordable and efficient,” Greenspan said.
Ethereum’s high gas fees and scalability challenges have led traders and developers to explore alternative blockchains, further complicating its position in the market. As a result, Ethereum may not see the same explosive growth it experienced during previous bull cycles.
AI Memecoins: High Risk, High Reward
The rise of AI-powered memecoins has generated buzz in recent weeks, but Greenspan remains skeptical about their long-term potential. He cited Goatseus Maximus (GOAT) as an example, a memecoin that reached a market cap of $688 million just 11 days after its launch on October 14, following an endorsement by the AI bot Truty Terminal.
“They might do well, and they might not,” Greenspan remarked. “Markets can be volatile in the short term, but it’ll be hit-and-miss with these tokens.”
Memecoins, often driven by speculation and social hype, rarely attract serious long-term investors. Greenspan advised investors to be cautious, recommending they evaluate memecoins based on fundamental questions such as:
- What does the coin do?
- Can Bitcoin, Ethereum, or another blockchain accomplish the same goals?
He also emphasized the importance of understanding the project’s development team and the supply-and-demand factors influencing the token’s value. Without a solid foundation, many memecoins may fail to sustain their early hype.
Conclusion
The next phase of the crypto bull run may be dominated by Bitcoin, with analysts like Mati Greenspan suggesting that Bitcoin’s narrative has gained momentum thanks to recent technological upgrades and increasing market interest. Meanwhile, Ethereum may struggle to maintain its edge as alternative blockchains emerge. As for AI-powered memecoins, they remain speculative bets, offering high-risk opportunities for traders willing to navigate short-term volatility.
Investors are advised to focus on Bitcoin’s long-term potential while remaining cautious with speculative assets like memecoins. The upcoming bull run could solidify Bitcoin’s dominance, potentially pushing its price to new highs—possibly $100,000—depending on market conditions and political developments in 2024.
