Cryptocurrency Market Analyst Nicolas Merten says the predictions around Bitcoin (CRYPTO: BTC) that go to $ 100,000 this year are probably too optimistic.
โThere is no way we are going to go to $ 100,000 or $ 150,000 in the fourth quarter of this year or the first quarter of next year. Sorry. I'm going to have to say it because I think a lot of the analysts are getting it wrong, โsays Nicholas.
Merten believes that Bitcoin it will end its bull market cycle at $ 200,000, but it will last until the end of 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 much more will be needed to move the crypto price than previously expected.
โThe reason is because if a Bitcoin futures ETF, one of the biggest catalysts we've been looking for for a long period, didn't propel Bitcoin toward the six-figure or rally to new all-time highs, I wouldn't 'I don't know what more will be around the corner. What macro event could drive institutions to turn Bitcoin into a multi-million dollar asset? " he adds.
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