dailyhodl.com
Popular crypto strategist Nicholas Merten is not convinced the crypto markets are primed to top out in 2021.
The trader tells his 470,000 YouTube subscribers that other crypto enthusiasts believe the current cycle will end soon, with Bitcoin (BTC) rallying all the way to $100,000 by the end of the year.
The top crypto asset by market cap is trading at $45,261.73 at time of writing and is down 14% in the past week, according to CoinGecko.
Merten, however, argues that market cycles are “maturing and lengthening,” predicting the current cycle to last until November or December of 2022 at the earliest.
“I think that’s a very reasonable way to play it, and that’s calling for a $10 trillion market cap – a 5x from here. I think that’s a pretty nice ask in that case, and it’s a reasonable amount of time for this new valuation increase as crypto really hits the mainstream and gets institutions on board.”
The total crypto market cap is $2.15 trillion at time of writing, according to CoinGecko. If Bitcoin’s market share in the crypto space remains constant, a 5x increase could mean that the top cryptocurrency can surge above $200,000 by late next year.
Merten also predicts the total market cap will pick up some momentum in the “coming months” since crypto is “in the full swing of the bull market.”
“The important thing is altcoin market cap is up… this to me is a guarantee that we are not in a bear market now. It’s altcoin dominance.”