Bitcoin won’t go to $100,000 this year, according to crypto analyst Nicholas Merten? reasons cryptocoin.com‘in. Crypto analyst Nicholas Merten says that while he is optimistic about Bitcoin, his predictions that BTC will hit $100,000 this year are probably overly optimistic.
$100,000 overly optimistic for Bitcoin
In a recent strategy session, Merten said that BTC has reacted relatively tame to the launch of its Bitcoin futures-based exchange-traded fund (ETF). This too, King says, could be an indication that it will take much longer than expected to move the crypto price. Analyst: “It is not possible for us to go to $100,000 or $150,000 in Q4 of this year or Q1 of next year. Sorry. I’m going to have to say this because I think a lot of analysts get it wrong… That’s because if the futures Bitcoin ETF, one of the biggest catalysts we’ve been looking for in a long time, has definitely not driven Bitcoin towards six figures or kicked off the rally to all-time highs, what else would be around the corner? I do not know. What macro event could really push institutions to make Bitcoin a multi-trillion dollar asset?” said.
Merten believes that Bitcoin will eventually end its bull market cycle at $200,000, but will recede towards the end of 2022 as opposed to a sharp rise over the next few months. Merten: “If we’re talking about the perspective of going to $3 or $4 trillion (market cap), around $150,000 to $200,000, it’s going to take a lot of liquidity and with that, it’s going to take some time to get there. And so we expect a cycle peak in November 2022, which is probably much more than 90-95% of market forecasts.”
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