The host of Altcoin Daily has asserted that crypto market investors still stand a good chance of becoming millionaires in this cycle.
In a recent analysis, the community pundit sought to reassure investors amid the ongoing bearish market. Notably, Bitcoin has failed to maintain the $70K threshold it reached last week and instead dropped significantly to retest $65K.
This development has triggered significant angst among altcoin holders. Worsening this feeling, some prominent figures in the crypto community are suggesting that Bitcoin may have reached its cycle peak, with some predicting a drop to $48K.
However, Altcoin Daily emphasized that the market remains in an uptrend, suggesting that individuals aiming to become millionaires still have a good chance. He supported his view by citing leading industry commentators who are confident that Bitcoin could reach up to $200K by next year.
Bitcoin’s Peak Not Reached Yet
The presenter first referenced analysts at the multi-billion dollar asset management firm Bernstein, who recently revised their Bitcoin price forecast to $200K by next year, up from their earlier prediction of $150K. Additionally, Bernstein analysts projected that Bitcoin could surpass the $1 million mark by 2033.
To highlight the significance of this projection, Altcoin Daily pointed out that Bernstein’s business involves advising ultra-high-net-worth individuals on lucrative investments. Essentially, he stressed that Bernstein is now guiding these wealthy clients to consider Bitcoin a significant investment, forecasting a potential target of $1 million within nine years.
Notably, backing this bold forecast is the projected surge in Bitcoin demand from spot ETFs issued by giants like Fidelity and BlackRock.
3 Bullish Factors for Bitcoin
Furthermore, the Altcoin Daily host cited Zach Pandl, Managing Director at 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 decreases.
- Steady demand for spot Bitcoin ETF products.
- More favorable political trends for the asset class.
“I don’t see any major change in those trends today. So, I do think that we can retest the all-time highs sometime over the course of this summer,” Pandl remarked.
While acknowledging that the speed at which Bitcoin reaches this all-time high depends on various factors, Pandl sees no reason why the current trends should change in the short term.
Additionally, Altcoin Daily referenced Coinbase CEO Brian Armstrong’s disclosure that 56% of the Fortune 500 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, with the world’s largest companies increasingly adopting it.
Altcoin Daily also cited the opinion of Bitwise CIO Matt Hougan, who argued that crypto and Bitcoin have gone mainstream with Wall Street adoption, which would only fuel further bullish momentum.
Whale Buying BTC in Billions of Dollars
In addition to these bullish views from industry commentators, the Altcoin Daily presenter cited on-chain to further back the bullish sentiment. Topping the list was the whale accumulation of BTC.
Specifically, he highlighted a consistent uptrend in inflows to renowned BTC accumulation addresses, corroborated by data showing a recent purchase of $1.3 billion in Bitcoin. He noted that this counters arguments of bearish outlooks.
Furthermore, he highlighted Bitcoin’s chart from last summer, showing how the asset broke out significantly from an extended consolidation phase.
Crypto Millionaire Mindset
As a result, he stressed that investors need patience in the current trying times.
Meanwhile, the community pundit noted that the bullish sentiment transcends Bitcoin. He pointed out that altcoins like Ethereum are now at the forefront, buoyed by the imminent trading of Ethereum spot ETFs set to commence in July. He also cited projections of Ethereum reaching $12K around the peak of this cycle.
Accordingly, Altcoin Daily emphasized that with Bitcoin, Ethereum, Solana, Chainlink, and many other top projects thriving, money will likely flow downhill to low-cap and meme coins, where retail investors are primarily found.
He suggested that a wealth transfer would occur as many seek alternative assets capable of yielding above 4X returns, while ETH and BTC may max out around 2X. He stressed that this phenomenon has happened every time Bitcoin breaks an all-time high (ATH).
“Every crypto millionaire knows this one little trick,” the Altcoin Daily host submitted.