dailyhodl.com
With Bitcoin nearing its all-time high, popular crypto trader Nicholas Merten is taking a look at where the leading digital asset could go next.
BTC is trading at $64,077 at time of writing, up more than 11% over the past week and nearly 33% in the past month, according to CoinGecko. The largest crypto asset by market cap hit its all-time high of $64,804 back in mid-April.
In a new strategy session, Merten tells his 474,000 YouTube subscribers that Bitcoin is “pretty much inevitably” set to cross $65,000.
“I think at this point everyone’s pretty confident that we’re no longer in a supposed bear market.”
The analyst says a “conservative estimate” based on the history of Bitcoin’s market cycles predicts BTC reaching a $4 trillion market cap by November 2022. Bitcoin’s current market cap is more than $1.2 trillion, and a $4 trillion market cap would bring BTC’s price point to around $200,000.
Merten, however, says it’s possible that a price surge could actually materialize a lot sooner.
“If we were to get a more optimistic expectation here, I would say we’re still going to see a 250% return in the most optimistic scenario, but in a matter of just a couple months, going into Q1 or early Q2 of 2022.”
Regardless of the timeline, the analyst predicts the overall value for cryptocurrencies will be $10 trillion by the end of this cycle. The cryptocurrency overall market cap currently sits at more than $2.6 trillion, according to CoinGecko.