Bitcoin is making headlines as the king coin is getting ready to recover following recent corrections.
It’s been just revealed that the popular crypto analyst Nicholas Merten is not bearish on Bitcoin (BTC) despite the crypto asset’s recent price correction.
Mertenjust said that he’s “very optimistic” on BTC’s price, even in the “relative short term.”
He also made sure to say that Bitcoin probably needs to test a lower price range before it can resume moving upwards.
“Our ideal scenario is for us to not really go down below $55,000. We would like to see it hold above that range.”
Merten said that BTC will hold out in the $56,000 range, but on the other hand, he also acknowledges the “worst-case scenario” could send the king coin barreling down to test the $50,000 resistance range.
The analyst is still optimistic about the next few months. He predicted that BTC will get back up to its high price ranges at some point in January.
Bitcoin surged to its all-time high of $69,044.77 earlier this month.
It’s also important to mention the fact that he thinks there will be another mid-cycle rally at some point in Q1 of 2022 or, at the latest, by early Q2.
The analyst is expecting Bitcoin will start to build up towards $100,000.
“Not even a crazy ask here, especially when we take a look at the logarithmic chart. This seems pretty in line with what we should expect.”
More optimistic Bitcoin predictions are out
It’s been just revealed that the CEO of an investment firm with billions of dollars in assets under management predicted that the price of BTC will be hitting seven figures while Ethereum will reach six.
U.S. Global Investors head Frank Holmes said that due to Bitcoin’s scarcity and growing adoption, the king coin can appreciate by around 1,600% from current levels over the next decade.
“It’s Metcalfe’s Law. And because Bitcoin is capped at 21 million coins and Metcalfe’s Law says that the price can grow exponentially.”
Stay tuned for more news.