Bitcoin to $300,000? Traders warn of massive surge before next Great Depression hits
Bitcoin price: Bitcoin's rally might hit $300,000 before a major correction, according to analysts. They believe dips are irrelevant if Bitcoin stays above $74,000. Altcoins, currently lagging, could surge, mirroring past cycles. A fall in Bitcoin dominance may signal a significant altseason. However, analysts warn of a potential correction, advising focus on altcoins.
Bitcoin price could surge to $300,000 before major market correction: Bitcoin's massive rise may be far from over, but the bull party could end with a devastating hangover. Two widely followed crypto analysts have predicted that Bitcoin could soar as high as $300,000 in the coming months before the entire market enters a historic and painful correction, as per a report.
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In a recent podcast, pseudonymous traders CrediBULL Crypto and Trader Mayne shared their conviction that Bitcoin is still in the prime of its bull run and that current short-term price dips are irrelevant as long as BTC stays above $74,000, as reported by Benzinga. Want a Loan? Get cash against your Mutual Funds in 4 hours The experts said, citing Elliott Wave theory, which maps out the market's five-wave impulse structure that, "Until we break below $74,000, none of these pullbacks really matter. The trend is still very much intact," as quoted by Benzinga.
ALSO READ: 8 video games Twitch turned into global hits: Dune Awakening, GTA 5, Fortnite, Among Us, Phasmophobia and more The duo pointed out that the current crypto market condition is similar to previous late-stage bull cycles, where altcoins lag behind before delivering explosive returns, according to the report. Their prediction comes as most of the altcoins are still down 80% to 90% from their record highs, offering what they have called as the last real accumulation window, as reported by Benzinga.
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While BTC's dominance, which is at present sitting around 60%, is expected to fall below its 35% all-time low before the cycle ends, according to the report.The crypto experts have highlighted that the final phase of the cycle ends with a massive fall in BTC dominance, which leads to the biggest altseason since 2017, as per the Benzinga report.Benzinga reported that the duo have explained that this rotation will mark the climactic top for the entire market, with speculative excess flowing from Bitcoin into smaller-cap altcoins before a dramatic reversal.
ALSO READ: Happy Gilmore 2 brings Adam Sandler's family back to the screen! What roles do his daughters Sadie and Sunny play in the Netflix film? However, even though the analysts are still long-term bullish on BTC, the analysts have warned that the risk-reward profile has shifted, as reported by Benzinga. CrediBULL and Mayne pointed out that Bitcoin was the buy "months or years ago," but now, the best risk-adjusted opportunities lie in select altcoins, as reported by Benzinga.They warned that, "We could be correcting not just this cycle, but 15 years of speculative excess. This is going to feel like the Roaring 20s before the Great Depression," as quoted by Benzinga in the report.
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CrediBULL and Mayne advised to "Look for altcoins with real fundamentals, trading at cycle lows and near long-term support. Don't chase what's already pumping," as quoted in the report. The duo also recommend narrowing focus to just 5 to 6 core altcoin positions, instead of over-diversifying into high-flyers, according to Benzinga.Is Bitcoin going to hit $300,000 soon?Analysts think it's possible during this bull run, but it's not guaranteed, so stay cautious.
What does the $74,000 level mean for Bitcoin? It's a key support level, if Bitcoin stays above it, the bullish trend likely continues.
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