A cryptocurrency analyst, who is the founder of DataDash, Nicholas Merten has elaborated on the reason why he believes that Bitcoin (BTC) is still on the course of attaining $100,000.
The present situation in the cryptocurrency market, or better still, the state of Bitcoin (BTC), could cast doubt on the mind of anyone that believes in its prospect.
Since January 2018, when Bitcoin (BTC) recorded its price all-time high of $20,000, the digital currency has wholly failed to replicate the same surging trend, which has equally caused the loss of hope of some Bitcoin enthusiasts. However, several Bitcoin faithful still resolutely believe that BTC will surge beyond its price all-time high someday.
Nicholas Merten Believes Bitcoin is Firmly on Course for $100,000
The cryptocurrency analyst, Nicholas Merten, shared his opinion regarding the subsequent price trend of Bitcoin (BTC). In a new episode of DataDash, he observed the back and forth movement of Bitcoin price over the years.
In his statement, he said the upcoming Bitcoin halving might play out not as expected, but a look at the logarithmic growth curves revealed that BTC is still on the course of attaining the $100,000 target. He, however, said it might take the digital currency until 2020.
Read his statement from the interview below:
“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.
“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.
“That’s a very, very conservative ask, in my opinion, for a new emerging digital gold for Millennials and Gen Z. A key point here is to focus on these longer-term time frames. To be patient. This is going to be a long journey, but it’s going to be a fun one.
“Unlike the Fed which says, ‘We are going to do ‘x” and [then] they do ‘y’, Bitcoin has been chugging along. If you need to process a transaction, you can do it.
“If you want to know that your money is going to be fixed in a system or your purchasing power is fixed into a system that isn’t going to change the rules every five minutes, Bitcoin does that… Bitcoin is the clear winner here.”