Crypto Fear Spreading..."Bitcoin to Run Last $100,000 Rally Before Major Crash"

▲ Bitcoin, Ethereum plummet/ChatGPT generated image

The virtual asset market is unable to escape a downturn due to fear stemming from global economic uncertainty. However, a prediction has emerged that Bitcoin (BTC) will stage a record-breaking rally, burning its last flame before a massive financial system collapse.

According to the cryptocurrency specialized media Benzinga on April 29 (local time), major virtual assets such as Bitcoin, Ethereum (ETH), and XRP all recorded declines, unable to overcome the fear that has spread among investors. Dogecoin (DOGE) remained flat with no significant fluctuations, but the overall market atmosphere was dominated by weakness. Experts analyzed that inflation concerns and the possibility of maintaining a high-interest rate stance stimulated investors' tendency to avoid risky assets.

Crypto analyst Justin Bennett argued that the current market decline could actually be a precursor to a massive rally. Bennett predicted that Bitcoin is highly likely to experience "parabolic" growth, like foam, before a huge crisis hits the global financial system. Citing past economic cases, Bennett emphasized that the abnormal surge in asset prices that occurs just before a collapse could be replicated in the Bitcoin market.

According to technical indicators, Bitcoin is currently precariously holding onto the lower support line of a descending channel, with selling pressure intensifying. Ethereum and XRP have also failed to defend key support levels and have broken downwards, with fear of further declines weighing on the market. Dogecoin has successfully defended its price but is repeatedly consolidating, having lost direction due to a sharp drop in trading volume.

Despite macroeconomic variables pressuring the market, analyst Bennett diagnosed that "it is highly likely that the last parabolic rally will unfold before a massive collapse of the financial system." Bennett analyzed that the frantic surge in assets historically seen just before an economic crisis will be the last upward momentum for the Bitcoin market. This can be interpreted as the current fear sentiment potentially being an energy condensation process for the final ascent.

While fear dominates the market and individual investors' sentiment has frozen, large whales are rather looking for opportunities to buy at low prices. Benzinga reported that while the current volatility may be painful in the short term, it could be a sign that the market has entered the final phase of a long-term bullish cycle. Investors believe that upcoming macroeconomic data releases and changes in the political and regulatory environment will be decisive variables in determining the market's direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*