Closely followed crypto analyst Benjamin Cowen says Polkadot’s (DOT) next leg up could have enough steam to take the smart contract platform to fresh all-time highs.
In a new strategy session, Cowen says DOT is “very, very likely” in a reaccumulation phase, forming a similar pattern to its price action in late 2020 right before it exploded from $3.00 or so to nearly $50 in a matter of weeks.
“My speculation, dubious as it may, is that this range here is just simple reaccumulation which will inevitably take us to higher levels. I would also speculate that the next move should be able to get us over the $100 mark. I’m sincerely hoping it can get us over the $200 mark as well and maybe even beyond. Let’s just take it one step at a time.”
With Polkadot’s current value of $36.70, a move beyond $100 represents a potential upside of about 200%.
Cowen adds that he’s not expecting a market cycle top in the next couple of months. Instead, he thinks the crypto markets still have plenty of time to run and that Polkadot will play a significant part in it.
“I do think Polkadot is a great project, and I do think it has a role to play in this cycle. Again, I do not think this cycle is almost over. I know a lot of people are calling for a cycle peak in a couple of months. I don’t think that’s the case. I could be wrong, and we’ll have to take a look at the market at the time, but I don’t think the market cycle peak is coming in a couple of months. I think we have a ways to go, and I would say that Polkadot is one of the top coins in my portfolio…
Now remember, breakouts don’t have to occur immediately. We can still be in this range for weeks or months to come, but that’s not even the point. The point is that phases like this usually should be considered opportunities and once the breakout happens, everyone looks back and wishes they could’ve got in at a lower price.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Cristina Conti