Bitcoin And Altcoin Approach Largest Cycle – BTC Is On Its Way To $100k
2020 has been said to be an extraordinary year for crypto price-wise and regarding various developments.
BTC and the altcoin markets are getting started
Crypto analyst Nicholas Merten said that the BTC and the altcoin markets are getting started.
During a new episode of Datadash, Merten says he believes Bitcoin will hit $100,000 in its next cycle and will increasingly get exposure in the mainstream as it breaks through its previous all-time high of just over $20,000.
“My idea here is that Bitcoin, as well as other cryptocurrencies, have yet to go through their largest cycle yet. To really take this asset class from a kind of niche community where it is right now into the broad institutional world of retail, in this case, retail meaning everyday people. How can we expect that in the next two to three years we’re going to see this happen?” he said.
You should check out the video below in order to learn what more he had to say.
At the moment of writing this article, BTC is trading in the red, and the coin is priced at $8,590.26.
BTC’s recent price drop is a natural correction
Josh Rager, a famous analyst in the crypto space, said that this is nothing more than a natural correction following the massive surge in the price of the coin from the beginning of 2020.
Bitcoin began the month at $7,225, and Rager now expects Bitcoin to continue to correct and land at around $8,000 before resuming its uptrend.
$BTC pullbacks should be expected
The important thing to keep an eye on is the market structure and the trend change
Price would likely bounce at low $8ks
Unless price made its way down past $7700, I wouldn't worry
— Josh Rager 📈 (@Josh_Rager) January 19, 2020
Rager also said that there’s a certain level that could trigger worry.
“BTC pullbacks should be expected. The important thing to keep an eye on is the market structure and the trend change. Price would most likely bounce at low $8,000’s. Unless price made its way down $7,700, I wouldn’t worry,” Rager said. We’ll see what happens.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.