Crypto analyst Nicholas Merten says that while he’s bullish on Bitcoin, predictions of BTC going to $100,000 this year are likely overly optimistic.
In a new strategy session, Merten says that BTC’s relatively tame reaction to the launch of the Bitcoin futures-based exchange-traded fund (ETF) could be a tell-tale sign that it will take much more to move the king crypto’s price than previously expected.
“There’s no way we are going to a $100,000 or $150,000 in Q4 of this year or Q1 of next year. I’m sorry. I’m going to have to say it because I think a lot of the analysts are getting this wrong…
The reason why is because if a futures-Bitcoin ETF, one of the biggest catalysts we’ve been looking for for a long period of time, did not absolutely drive Bitcoin towards six figures or kick off the rally at new all-time highs, I don’t know what else is that’s going to be around the corner. What macro event could really drive institutions toward bringing Bitcoin to becoming a multi-trillion dollar asset?”
Merten believes that Bitcoin will ultimately finish its bull market cycle at $200,000, but that it will drag out into late 2022, as opposed to a sharp blow-off top in the next few months.
“If we’re talking about the perspective of going to $3 or $4 trillion (market cap), around that $150,000 to $200,000 range, it’s going to take a lot of liquidity, and along with that as well, some time to get there. And that’s why we have our expectation of a cycle top coming in November of 2022, far-out than probably 90-95% of market projections.”
ICheck Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong