The next chapter of the bull run is ‘about’ Bitcoin, not ETH or memecoins – analyst

As the speculative narrative of crypto traders debates what will drive the next bull run, one analyst says the answer may be clearer and lies in the largest market cap cryptocurrency.

“The general feeling is that this bull run is going to be about Bitcoin and its layer 2,” Matty Greenspan, founder of Quantum Economics and crypto analyst, told Cointelegraph.

Bitcoin's “first narrative” is coming from $100,000.

“Bitcoin's original narrative has been building like a snowball since Taproot was implemented,” Greenspan added. The Taproot update took place in November 2021 and laid the foundation for accelerating decentralized financial services on the Bitcoin network.

In the past 12 months, he noted, “new options have opened up for DeFi and NFTs on the Bitcoin main chain.”

Greenspan believes a $100,000 Bitcoin (BTC) price is “definitely possible” by 2024, especially if a pro-crypto presidential candidate is elected in November:

“At this point, it's just a matter of waiting for confirmation of Trump's victory and then moving on to the race.”

This is after Bitcoin millionaire Eric Fineman told Cointelegraph, “If Trump wins, I believe Bitcoin could reach $100,000 in his second term.

However, Greenspan is not so optimistic about Ethereum. “It's hard to make a big case for Ethereum right now when so many generally accepted market competitors are cheap and scalable,” Greenspan explained.

On October 20, Cointelegraph reported that Bitcoin's market capitalization exceeded that of Ether (ETH) by more than $1 trillion.

Market participants generally expect bull runs to begin as Bitcoin reaches new all-time highs. Once bitcoin became known to be at a premium among traders, capital typically turned to altcoins and more speculative tokens as traders chased more significant profits.

RELATED: Bitcoin Analyst: $100K BTC Price In February ‘Totally For Reason'

Doubt surrounds the future of AI memecoins.

When it comes to memecoins, Greenspan is somewhat skeptical. When asked about the recent excitement over Goatseus Maximus (GOAT) following its support from AI bot Truth Terminal, a $688 million market capitalization 11 days after its launch on October 14.

“They might do well, and they might not,” Greenspan said.

“I recognize that markets can be volatile in the short term, but it will be proportional to which ones. Long-term investors tend not to take these things seriously, at least until they reach critical mass,” he added.

Greenspan suggested that investors interested in speculative tokens consider what the coin will do during the “incentive” phase. And why hasn't Bitcoin, Ethereum or anything else been able to achieve its Layer 1 goals?

They also pointed out the importance of examining the project's development team and the factors driving the dynamics of supply and demand.

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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.