Crypto market analyst Nicholas Merten says the predictions around Bitcoin (CRYPTO: BTC) going to $100,000 this year are likely overly optimistic.
“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,” Nicholas says.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Merten believes that Bitcoin will finish its bull market cycle at $200,000 but will drag out into late 2022.
He says that BTC’s relatively tame reaction to the launch of the Bitcoin futures-based exchange-traded fund (ETF) could be a competing sign that it will take much more to move the crypto’s price than previously expected.
“The reason why is because if a futures-Bitcoin ETF, one of the biggest catalysts we’ve been looking for a long period, did not 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 drive institutions toward bringing Bitcoin to becoming a multi-trillion-dollar asset?” he adds.
Related Link: If You Had $1,000 Right Now, Would You Put It On Shiba Inu Or Bitcoin?