The world’s most prominent cryptocurrency, bitcoin, has the potential to reach $100,000 in the current bull cycle despite the growing uncertainty and volatility, says Lyn Alden, the founder of Lyn Alden Investment Strategy.
“We are seeing a lot of froth throughout the industry,” the analyst told Cointelegraph, referring to the latest rally of several meme coins such as Dogecoin. “Those are kind of warning signs for the cycle,” Alden added.
With the bull run slowing down and the growing risks of a correction, it makes sense for some investors to take some money off the table and put it into some other assets, Alden explained. “For people who would have trouble with drawdowns or periods of volatility, it can make sense to rebalance.”
Alden said she remains bullish on the strong fundamentals of the bitcoin network: “I have a pretty high conviction on it. And so, I’m fine with maintaining a pretty large position.”
Despite a number of altcoins outperforming bitcoin this year, it is nowhere near losing its leading position in the crypto market. Most altcoins didn’t manage to sustain the same degree of growth throughout multiple business cycles, Alden added.
