Nicholas Merten Explains Why Bitcoin Likely Won’t Reach Six Figures This Year

According to a popular cryptocurrency analyst and trader Nicholas Merten, predictions that Bitcoin (BTC) is going to reach $100,000 this year are probably too optimistic. Despite having said that, he remains bullish on Bitcoin.

In a recent video, the analyst pointed out that BTC price’s relatively mild response to the launch of the Bitcoin futures-based exchange-traded fund (ETF) could signal that it is starting to be more difficult than previously expected to move the price of the largest crypto asset.

“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…

The reason why is because if a futures-Bitcoin ETF, one of the biggest catalysts we’ve been looking for for a long period of time, did not absolutely 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 really drive institutions toward bringing Bitcoin to becoming a multi-trillion dollar asset?”

According to Merten Bitcoin will ultimately reach $200,000 during this bull market cycle, but that it will take much longer and likely happen late 2022, as opposed to a sharp uprise in the coming months.

“If we’re talking about the perspective of going to $3 or $4 trillion (market cap), around that $150,000 to $200,000 range, it’s going to take a lot of liquidity, and along with that as well, some time to get there. And that’s why we have our expectation of a cycle top coming in November of 2022, far-out than probably 90-95% of market projections.”