Popular crypto strategist Nicholas Merten is not convinced that the crypto markets are poised to peak in 2021. The trader tells his 470,000 YouTube subscribers that other crypto enthusiasts believe the current cycle will end soon and that Bitcoin (BTC) will hit as high as $100,000 by the end of the year. Blockchain analyst Willy Woo says the entire ecosystem of Bitcoin buyers has been telling him that the BTC market is massively bullish. cryptocoin.com We have compiled the comments and analyzes of two crypto analysts for you.
Nicholas Metren: The bull market is in full swing
According to data from Coinmarketcap, the leading cryptocurrency by market cap was trading at $47,493 at the time of writing. Bitcoin is up about 2% compared to last week. Nicholas Merten argues that market cycles are maturing and lengthening, estimating that the current cycle will last until November or December 2022 at the earliest:
I think that’s a very reasonable way to play, and that requires a $10 trillion market cap. 5 times more than here. I think that’s a pretty cool question in this case, and since crypto has really hit the mainstream and got institutions on board, it’s a reasonable time for this new valuation boost.
According to Coinmarketcap data, the total crypto market cap was around $2.15 trillion at the time of writing. According to analyst Nicholas Merten, if Bitcoin (BTC)’s market share in the crypto space remains stable, a 5-fold increase could mean that the leading cryptocurrency could rise above $200,000 by the end of next year. Nicholas Merten also predicts that the overall market cap will gain some momentum in the coming months as crypto’s bull market continues in full swing:
Importantly, the altcoin market cap rose. This is a guarantee for me that we are not in a bear market right now. This is altcoin dominance.
Blockchain analyst Willy Woo thinks the Bitcoin market is massively bullish
Blockchain analyst Willy Woo says the entire ecosystem of Bitcoin buyers has been telling him that the BTC market is massively bullish. In a recent tweet, Willy Woo shared to his 723,300 followers that he has seen a massive distribution phase in Bitcoin (BTC):
Bitcoin continues to distribute cryptocurrencies equally. Public and retail establishments continue to have more control over supply as whales reduce their control.
Willy Woo argues that the even distribution of BTC supply is good for the long-term health of Bitcoin as it encourages decentralization.
Note that the gold standard failed as a monetary standard due to the centralization of supply.
“The individual drives the macro cycles.”
Analyst Willy Woo also highlights that individual traders or organizations holding less than 10 BTC are powering the current phase of the Bitcoin bull market:
The individual drives the macro cycles. This is the underlying principle that says we are in the middle of a bull market when individual satoshis are stacking at an increasing rate as they are doing now. Again, in the middle of a bull market. Traders couldn’t believe it when this data was shown two months ago.
Willy Woo: Bitcoin supply on exchanges continues to decline
Additionally, Willy Woo says that whales or assets holding at least 1,000 BTC also continue to buy the leading cryptocurrency:
Whales think cryptocurrencies are cheap right now. Whales are opportunistic. They are on a ten-year diversification plan selling to every bull market, having earned their money. However, when they see a strong rally in front of them, as they are now, they seize the opportunity to buy.
Finally, Willy Woo states that public companies are also in the midst of accumulating Bitcoin, and the supply of BTC on crypto exchanges continues to decrease:
Public funds are on the rise. Companies are long-term holdings. They are increasing. As long-term buyers step in, speculative stocks in the stock markets are depleted.
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