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.”
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