Bitcoin Dips to $78,000 but $300,000 Remains the Big Target, Investor Says

Bitcoin’s (CRYPTO: BTC) pullback from $82,000 to $78,000 is a healthy consolidation rather than the start of another major downturn, according to Bitcoin advocate Mike Alfred.

Speaking with Scott Melker on Sep. 2, Alfred said Bitcoin holding above $76,000 despite rising Treasury yields and higher oil price signals a shift in market structure.

Alfred dismissed the traditional four-year bear-market cycle theory noting that Bitcoin never suffered the 80%+ drawdown seen in previous cycle crashes.

Bitcoin’s breakout from $58,000 remains intact even if prices temporarily retreat to the upper $60,000s.

Bitcoin may be pricing in future policy intervention as high bond yields and refinancing pressures weigh on markets, Alfred noted.

Easing those pressures could unlock pent-up demand and restart a broader economic expansion, which Alfred predicts could lead to substantially higher prices across risk assets.

"I could see Bitcoin at $300,000. I could see Ethereum (CRYPTO: ETH) at $10,000 or more," he said.

Alfred expects BTC to return to all-time highs by 2027, although weeks or months of consolidation before another major advance remains possible.

Alfred said he has been buying heavily during the latest market weakness, including deeply out-of-favor assets.