The most prominent cryptocurrency in the world, Bitcoin, remains on track to reach $100,000 in the ongoing Bull Run, despite the rising risks and heavy volatility. The strategic investor, and founder of Lyn Alden Investment Strategies, Lyn Alden remains bullish in her belief in Bitcoin, believing the cryptocurrency will reach the $100k mark despite the increasing volatility.
According to Cointelegraph, the analyst referred to the several rallies surrounding Dogecoin, the meme-inspired cryptocurrency that in the last few months has caused a storm within the crypto markets. Alden stated the rallies were warning signs for the latest bull cycle.
As with the Bull Run, Alden stated some of the investors have taken money off the table and implemented it in other assets is a sensible movement due to the lagging of the current Bull Run which seems to be slowing down, and in turn, increases the risks of corrections.
Alden remained confident in her convictions, and remained bullish on the fundamentals of the Bitcoin network, stating she firmly believed in Bitcoin’s network and maintained her position in support of the cryptocurrency as it would rise in price.
Even though there have been several altcoins that have performed better than Bitcoin this year, it is unlikely that Bitcoin will lose its prominent place in the crypto market, Alden stated. She further elaborated that most altcoins do not manage to maintain a constant degree of growth through multiple business cycles.
Following Elon Musk’s tweet stating Tesla’s withdrawal from accepting Bitcoin due to alleged environmental concerns, the digital currency had fallen low on Thursday. Binance, the largest cryptocurrency exchange is under lawful observation due to alleged illegal trades, has also contributed to the sell-off.
Bitcoin’s share of market capitalization has plunged to 42%, it dropped to $45,700 on Thursday. However, currently, the digital asset is on track towards the $100k mark gradually.
