The Bitcoin community is almost always bullish about the future of the king coin. Analysts, regardless of the market swing, seem to believe that a rally is somewhere in the near future. Now, crypto expert Nicholas Merten has piled on this bullishness.
Speaking on his YouTube channel DataDash, Merten believes that Bitcoin’s next cycle will not only scale its current $20,000 all-time high but also hit $100,000. He said:
“I’ve already told you guys my expectation is that we’re going to $100,000 in this cycle, which will mean that we’re likely going to go somewhere around $2 trillion give or take. And that’s not crazy to ask for.”
Merten believes this is possible because Bitcoin is gaining more global recognition and is being seen as the perfect hedge against uncertainty. Speaking on the $2 trillion market cap suggested, Merten added:
“To think that [Bitcoin is] an emerging store of value…and something that could be perceived as a hedge for a lot of people in currency markets…that could be a very reasonable valuation.”
He also gave a bullish forecast regarding altcoins as well. According to him, Bitcoin and altcoins will see more utility and will have more use as time goes on. Merten says the heavier crypto rally is still ahead.
“My idea here is that Bitcoin, as well as other cryptocurrencies, have yet to go through their largest cycle yet.”
He believes that crypto will go from the “niche community where it is right now into the broad institutional world of retail, in this case, retail meaning everyday people.”
While Merten believes Bitcoin will hit $100k, popular Bitcoin bull and venture capitalist Tim Draper believes that even $250,000 might be an understatement.
Image Credits: Pixabay