YouTube’s biggest crypto analyst says he believes Bitcoin will likely target $15,000 to $20,000 in the next few weeks.
In a new episode of DataDash, Nicholas Merten says he’s feeling bullish largely because of Bitcoin’s rising mainstream stature as a hedge against global economic instability.
“I believe anything in the [$9,000 to $12,000] range is going to be a huge discount a few weeks out in this case, when we really start to pick up on the cycle and possibly go to $15,000, $18,000 or $20,000. I think that’s where we’re going to in the sense of the cards that we have right now. And the reason for that is because the macro environment is brewing for that.
I think Bitcoin is becoming a much more mainstream topic of discussion. When people, for example, in the financial sector are taking a look at what’s happening in China as well as the United States, Europe, Japan and all these markets where we’re starting to see some very stark movements. The worst day in US stocks in 2019 happened in a matter of a very short period of time. And we’re seeing the only good performing assets are gold and silver, which are very well known, historically time-tested assets, and Bitcoin interestingly enough…
It’s the topic that everyone’s talking about and it’s the most well-known cryptocurrency. And it’s been the longest standing cryptocurrency. So we have to understand the psychology here. It’s not much more complex than thinking about a bunch of people who for years have been speculative of this asset and now are seeing that as China deeply devalues its currency – almost nearly 2% in a day, the entire currency supply, crazy enough – at that same time, this other no-name mad lad coin is up 10%.”
If global economic woes persist and Bitcoin continues to rise as an uncorrelated asset, Merten says financial institutions will push harder than ever to bring BTC to their clients.
“This gets people talking about it. It gets institutional interest. It gets efforts in the regulatory environment to push for things like a Bitcoin ETF to open up new liquidity gates for this market and get exposure.
Because not only do private investors want access to this, they know that their clients want access to it. And as stocks start to top, trading revenues dry up. These companies run off business models. They need to get exposure to these asset classes both for themselves and for their clients. And that’s exactly what we’re going to have here.
Stocks back a few days ago had their biggest plunge of the year. And these are the time periods where people start to look for hedges and serious liquidity exits out on the market. We can see here [on Bloomberg] that over $700 billion was wiped in market capitalization [on Monday]. That’s almost $1 trillion in a day. That’s when serious money starts to come out.”
Meanwhile, fellow crypto analyst Tone Vays says he’s bullish in the short term as long as Bitcoin remains above $11,000.
Josh Rager is expressing similar sentiments but stresses that with Bitcoin’s hyper volatility, things can shift on a dime.
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$BTC price currently sitting at weekly support on higher time frames
As long as price holds above $11000, I'm not really that concerned about revisiting $9ks again or lower
It's far riskier being bearish at this point in time
Take it day by day & week by week pic.twitter.com/MzpFRb3ogq
— Josh Rager ? (@Josh_Rager) August 7, 2019