Popular cryptocurrency channel Altcoin Daily is firmly in the “bull camp,” expecting a continuation of the present market cycle that might produce a fresh wave of crypto millionaires despite recent setbacks whereby Bitcoin fell below $70,000.
Crypto Whales Accumulating, Institutions Diving In
The hosts of Altcoin Daily point to a convergence of elements indicating a positive future for Bitcoin and alternative currencies. First they draw attention to the growing number of “whales,” big players acquiring billions of dollars worth of Bitcoin.
The channel claims that this “whale activity” runs against the story of a negative market. They also quote forecasts from financial firms such as Bernstein, which lately changed its Bitcoin price projection to an astounding $200,000 by next year, with a long-term target of $1 million by 2033. They contend that this positive view reflects rising institutional trust in Bitcoin as a worthwhile asset type.
Spot ETFs And Favorable Regulations Fuel Optimism
The paper also underlines the possible influence on the market of spot ETFs (exchange traded funds). These investment products let ordinary investors have access to cryptocurrencies without actively purchasing and keeping the coins. Increased demand and price growth for Bitcoin are expected to be driven mostly by the expected introduction of spot ETFs by behemoths like Fidelity and BlackRock.
Rising adoption of cryptocurrencies by big companies like BlackRock and Google Cloud, Altcoin Daily cites as evidence of evolving rules and mainstream acceptability, so opening the path for greater institutional involvement.
Zach Pandl, Managing Director of Grayscale, who presented a compelling case for Bitcoin’s notable expansion this year, was also featured by the Altcoin Daily presenter. Pandl stressed three main developments driving this optimistic view. First, the possible rate reduction by the Federal Reserve when inflation declines should appeal more to Bitcoin investors.
Second, spot Bitcoin ETF products—which provide a more direct investment path for conventional market players—have a constant demand. Finally, the political environment is getting more friendly for cryptocurrencies, implying improved legal support and wider acceptance of Bitcoin as a valid asset class. These elements taken together offer a good picture for Bitcoin’s near future development.
Altcoin Daily also referenced Bitwise CIO Matt Hougan’s viewpoint, stating that Wall Street adoption of cryptocurrencies and Bitcoin has made them mainstream, which would only encourage more bullish momentum.
Altcoin Season On The Horizon
Although Bitcoin takes front stage, Altcoin Daily sees a great future for altcoins as well. The channel emphasises the forthcoming introduction of Ethereum spot ETFs in July, which they think will drive a global second-largest cryptocurrency price explosion. By the climax of this cycle, Ethereum’s prospective price target is $12,000.
The paper speculates on a possible “wealth transfer” from Bitcoin and Ethereum to lesser cryptocurrencies. Ever in search for great profits, they contend that retail investors would probably divert their attention to low-cap and meme currencies with explosive potential. They say that this phenomena has been seen previously whenever Bitcoin achieves fresh all-time highs.
Featured image from Splainer, chart from TradingView