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Crypto analyst Nicholas Merten says he believes the Bitcoin price is firmly on a long-term trajectory that will bring BTC to $100,000.
In a new episode of DataDash, Merten takes a bird’s-eye look at Bitcoin’s boom and bust cycles over the years. By looking at the long-term logarithmic chart of the BraveNewCoin Liquid Index (BLX), which provides a reliable USD price of Bitcoin (BTC) based on real-time trading data, Merten sees a likely timeline for the next bull run.
“If we take a look at the previous three clear cycles that we had here in cryptocurrency markets, we can generally take into note that we’ve seen an expansion of about a year added to each and every cycle… The first cycle was around 11 to 12 months, in this case, for Bitcoin.
Afterwards, from the bottom to the high, just like we did with the previous cycle, 24 months… With the third cycle, we have a 35-month period from bottom to top, roughly give or take almost three years…
There’s no guarantee that history is going to repeat itself exactly. There might be some big discrepancies this time around with the macro environment. The halving might play out differently. But if we take a look here of the logarithmic growth curves and take into mind the significant lows and the significant resistance, we actually are going to line up quite nicely here to a top of $100,000, give or take – it might not be exactly even –sometime in 2022.”
The DataDash founder offers two key fundamental catalysts that can drive Bitcoin’s rise to $100,000.
“We haven’t even seen the economic ramifications of the halving event and the continued macro environment going into a higher state of fear. These are the things that can drive Bitcoin to that valuation…
I believe pretty consciously in this case that $100,000 is quite reasonable. Bitcoin at over $1 trillion market cap is going to be relatively reasonable in an environment where there’s money fleeing from global bonds, from global currencies, from equities or property markets as we enter into a longer drawn out bear market through a potential depression.”
BITMEX CEO: ‘ALL IN, MOTHERF*CKERS’ ON BITCOIN AND GOLD
BitMEX founder Arthur Hayes put out a thought-provoking piece on the company blog today. He talks about the effect of the COVID-19 crisis on the global economy and states that nothing will ever be the same again. “The USD fiction is over. It’s time for a new mental crutch.”
Hayes ends by stating there are only two things to own during the transition to the new monetary system after the total collapse of fiat. They are Bitcoin and gold.
I will take my inflation adjusted pocket rockets (gold and bitcoin), and call your Bretton Woods seven two off suit. All in, mother f*ckers.
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🔥 Live Real-Time Bitcoin Price + News:
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Show Notes / News Resources:
– Nicholas Merten Analysis: https://youtu.be/m0N8btvYCdI
– https://dailyhodl.com/2020/04/11/heres-why-bitcoin-btc-is-rocketing-toward-100k-according-to-crypto-analyst-nicholas-merten/
– https://www.newsbtc.com/2020/04/11/bitcoin-this-financial-trend-could-not-be-more-bullish-for-btc/
– https://bitcoinist.com/bitmex-ceo-all-in-motherfckers-on-bitcoin-and-gold/
– https://twitter.com/DTAPCAP/status/1248697739443154946
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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