Altcoin
Top experts say that you can still become a cryptocurrency millionaire in this cycle
The host of Altcoin Daily said that investors in the cryptocurrency market still have a good chance of becoming millionaires in this cycle.
In a recent analyses, the community expert sought to reassure investors amid the ongoing bear market. Notably, Bitcoin failed to maintain the $70,000 mark reached last week and instead dropped significantly to retest $65,000.
This development has triggered considerable angst among altcoin holders. Compounding this sentiment, some prominent figures in the crypto community suggest that Bitcoin may have reached its cycle peak, with some predicting a drop to $48,000.
However, Altcoin Daily pointed out that the market remains in an uptrend, suggesting that people aiming to become millionaires still have a good chance. He supported his opinion by citing prominent industry commentators who are confident that Bitcoin could reach $200,000 by next year.
Bitcoin’s peak has not yet been reached
The presenter first referred to analysts at the multibillion-dollar asset management firm Bernstein, who recently revised their Bitcoin price forecast to $200,000 by next year, up from their previous forecast of $150,000. Furthermore, Bernstein analysts predicted that Bitcoin It could cross the $1 million mark by 2033.
To highlight the importance of this projection, Altcoin Daily pointed out that Bernstein’s business involves advising very high net worth individuals on profitable investments. Essentially, he pointed out that Bernstein is now guiding these wealthy clients to consider Bitcoin as a significant investment, predicting a potential goal of $1 million within nine years.
Notably, supporting this bold prediction is Bitcoin’s expected surge demand from spot ETFs issued by giants such as Fidelity and BlackRock.
3 Bullish Factors for Bitcoin
Additionally, the Altcoin Daily host quoted Zach Pandl, CEO of Grayscale, who explained why Bitcoin will advance significantly this year. Pandl identified three main trends driving this optimism:
- The Federal Reserve’s interest in lowering rates as inflation declines.
- Stable demand for Bitcoin spot ETF products.
- More favorable political trends for the asset class.
“I don’t see any major changes in these trends today. So, I think we can test all-time highs again later this summer,” – noted Pandl.
While Pandl acknowledges that the speed with which Bitcoin reaches this all-time high depends on various factors, he sees no reason why current trends should change in the short term.
Additionally, Altcoin Daily referenced Coinbase CEO Brian Armstrong’s revelation that 56% of Fortune 500 companies are now engaged in on-chain businesses. Armstrong cited BlackRock’s move to tokenize real-world assets, JP Morgan’s blockchain initiatives with Onyx, Google Cloud’s acceptance of crypto payments, and PayPal’s work with stablecoins.
Essentially, Armstrong said that cryptocurrencies are here to stay, with the world’s largest companies increasingly adopting them.
Altcoin Daily also cited Bitwise CIO Matt Hougan as saying that cryptocurrencies and Bitcoin have become mainstream as Wall Street adopts them, which will only fuel further bullish momentum.
A whale buys BTC in billions of dollars
In addition to these bullish views from industry commentators, the Altcoin Daily host cited on-chain to further support the bullish sentiment. At the top of the list was BTC accumulation.
Specifically, it highlighted a constant upward trend in inflows towards renowned BTC accumulation addresses, corroborated by data showing a recent purchase of $1.3 billion in Bitcoin. He noted that this runs counter to arguments for a bearish outlook.
Additionally, he highlighted Bitcoin’s chart from last summer, which shows how the asset has significantly emerged from an extended consolidation phase.
Crypto millionaire mentality
Accordingly, he stressed that investors need patience in the current difficult times.
Meanwhile, the community expert noted that the bullish sentiment transcends Bitcoin. He pointed out that altcoins like Ethereum are now at the forefront, supported by the upcoming exchange of Spot ETF on Ethereum will start in July. He also cited projections that Ethereum will reach $12,000 around the peak of this cycle.
As a result, Altcoin Daily pointed out that with Bitcoin, Ethereum, Solana, Chainlink, and many other major projects growing, money will likely flow downward to small-cap and meme coins, where retail investors are primarily located.
He suggested that a wealth transfer would occur as many would look to alternative assets capable of producing returns greater than 4X, while ETH and BTC could reach a high of around 2X. He pointed out that this phenomenon occurs every time Bitcoin surpasses an all-time high (ATH).
“Every crypto millionaire knows this little trick,” presented the host of Altcoin Daily.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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