Altcoins
Expert Says You Can Still Become a Crypto Millionaire This Cycle
The Altcoin Daily host claimed that investors in the crypto market still have a good chance of becoming millionaires during this cycle.
In a recent analysis, the community expert sought to reassure investors in a current bear market. Notably, Bitcoin failed to hold the $70,000 mark reached last week and instead fell significantly to retest $65,000.
This development has triggered considerable angst among altcoin holders. Compounding this sentiment, some figures in the crypto community are suggesting that Bitcoin may have reached its cycle peak, with some predicting a drop to $48,000.
However, Altcoin Daily highlighted that the market remains in an uptrend, suggesting that people looking to become millionaires still have a good chance. He supported his view by citing leading industry commentators who are confident that Bitcoin could reach as much as $200,000 by next year.
Bitcoin peak not yet reached
The presenter first referred to analysts at multibillion-dollar asset management firm Bernstein, who recently revised their Bitcoin price forecast to $200,000 by next year, up from $150,000 previously. Additionally, Bernstein analysts predict that Bitcoin could exceed the million dollar mark by 2033.
To underline the importance of this projection, Altcoin Daily highlighted that Bernstein’s business involves advising high net worth individuals on lucrative investments. Essentially, he pointed out that Bernstein is now incentivizing these high-net-worth clients to view Bitcoin as a significant investment, forecasting a potential target of $1 million within nine years.
This bold forecast is notably supported by the expected rise in Bitcoin. demand for spot ETFs issued by giants like Fidelity and BlackRock.
3 bullish factors for Bitcoin
Additionally, the Altcoin Daily host cited Zach Pandl, CEO of Grayscale, who explained why Bitcoin will advance significantly this year. Pandl identified three major trends driving this optimism:
- The Federal Reserve’s interest in lowering rates as inflation falls.
- Steady demand for Bitcoin ETF spot products.
- More favorable political trends for the asset class.
“I don’t see a major change in these trends today. So I think we can retest the all-time highs over the course of this summer. » remarked Pandl.
While acknowledging that the speed at which Bitcoin reaches this all-time high depends on various factors, Pandl sees no reason for current trends to change in the near term.
Additionally, Altcoin Daily referenced Coinbase CEO Brian Armstrong’s revelation that 56% of Fortune 500 companies are now engaged in on-chain activities. 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.
In essence, Armstrong asserted that crypto is here to stay, and that the world’s largest companies are increasingly adopting it.
Altcoin Daily also cited the opinion of Bitwise CIO Matt Hougan, who argued that crypto and Bitcoin have become mainstream with Wall Street’s adoption, which would only fuel more bullish momentum.
A whale buys BTC in billions of dollars
In addition to these bullish opinions from industry commentators, the Altcoin Daily anchor cited the channel to reinforce the bullish sentiment. At the top of the list was the accumulation of BTC by whales.
Specifically, he highlighted a steady upward trend in flows to renowned BTC accumulation addresses, supported by data showing a recent purchase of $1.3 billion in Bitcoin. He noted that this contradicts bearish outlook arguments.
Additionally, he highlighted Bitcoin’s chart from last summer, showing how the asset significantly broke out of a prolonged consolidation phase.
Crypto Millionaire Mindset
As a result, he stressed that investors need patience in the current difficult times.
Meanwhile, the community expert noted that the bullish sentiment transcends Bitcoin. He highlighted that altcoins like Ethereum are now at the forefront, supported by the impending trading of Ethereum Spot ETF expected to start in July. He also cited projections that Ethereum would reach $12,000 at the top of this cycle.
As a result, Altcoin Daily pointed out that with the prosperity of Bitcoin, Ethereum, Solana, Chainlink and many other top projects, money will likely flow to small-cap coins and meme coins, where the majority are located. retail investors.
He suggested that a wealth transfer would occur as many look for alternative assets capable of generating returns above 4X, while ETH and BTC could peak at around 2X. He pointed out that this phenomenon occurs every time Bitcoin exceeds an all-time high (ATH).
“All crypto-millionaires know this little trick” » submitted the Altcoin Daily host.
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 opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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