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

▲ Bitcoin, Ethereum plunge/ChatGPT generated image

The virtual asset market is unable to escape a downturn due to fear stemming from global economic uncertainty. However, a forecast 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 a decline, succumbing to the fear that has spread among investors. Dogecoin (DOGE) maintained a flat trend without significant fluctuations, but the overall market atmosphere was dominated by bearish sentiment. Experts analyzed that inflation concerns and the possibility of maintaining high interest rates stimulated investors' tendency to avoid risky assets.

Virtual asset analyst Justin Bennett argued that the current market downturn could actually be a prelude to a massive rally. Bennett predicted that Bitcoin is highly likely to experience "parabolic" growth, swelling like foam, before a huge crisis hits the global financial system. Bennett emphasized that abnormal surges in asset prices, which appear just before a collapse, could be replicated in the Bitcoin market, citing past economic cases.

Technically, Bitcoin is currently precariously holding onto the lower support line of a declining channel, and selling pressure is intensifying. Ethereum and XRP also failed to defend their major support lines and broke downwards, with fear of further decline weighing on the market. Dogecoin succeeded in defending its price but has been consolidating without direction due as trading volume sharply decreased.

Analyst Bennett diagnosed that despite macroeconomic variables pressuring the market, "it is highly likely that a final parabolic rally will unfold before a massive collapse of the financial system." Bennett analyzed that the frantic surge in asset prices historically seen just before economic crises will be the last upward driving force for the Bitcoin market. This can be interpreted as the current fear sentiment possibly being an energy condensation process for the final ascent.

As fear dominates the market, individual investors' sentiment has frozen, but large whales are eyeing opportunities for low-point buying. 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 bull cycle. Investors believe that upcoming macroeconomic data releases and changes in the political and regulatory environment will be decisive variables determining the market's direction.

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