Bitcoin (CRYPTO: BTC) could remain range-bound between $80,000 and $95,000 for months despite entering an early bull market as persistent inflation and macroeconomic uncertainty delay the next major rally, according to DeFi Report founder Michael Nadeau.
In a discussion on The Defiant Report on Wednesday, Nadeau maintained 90% confidence that Bitcoin has entered an early bull market, drawing parallels with its 2023 recovery.
The analyst identified Bitcoin’s 50-week moving average, currently near $77,200, as a critical indicator of the bullish market structure.
He expects the indicator to potentially bottom around $75,000, while Bitcoin’s broader consolidation range could extend between $78,000 and $92,000.
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A sustained move above $90,000 could revive bullish sentiment and expectations of reclaiming $100,000.
Why Could Altcoins Outperform
Nadeau believes fundamentally strong altcoins could outperform Bitcoin this cycle, challenging the previous cycle’s pattern of rising Bitcoin dominance.
Bitcoin dominance currently stands near 60%, but the analyst expects only a temporary increase before capital rotates back into altcoins.
Unlike previous cycles, he argued that several cryptocurrency projects now generate meaningful revenue, demonstrate product-market fit and feature tokenomics that return value to token holders.
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Hyperliquid (NASDAQ:PURR), Zcash (CRYPTO: ZEC), NEAR Protocol CRYPTO: NEAR) and Lighter are among the projects demonstrating relative strength.
Nadeau also identified the Robinhood (NASDAQ:HOOD)-linked on-chain ecosystem as a potential emerging opportunity, comparing its early speculative activity with Solana’s (CRYPTO: SOL) development during the previous cycle.
Image: Shutterstock
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