There have been all kinds of predictions about the price of Bitcoin, especially lately, after the coin has been seeing a boom in price and massive adoption.
As we already reported, yesterday was a great day for the crypto space, with Bitcoin managing to hit above $13k.
The king coin was priced around $13,200. At the moment of writing this article, BTC is still trading in the green, and the digital asset is priced at $12,938.74.
As we reported the other day, PayPal made an extremely important announcement for the crypto community that will trigger a boost in the mainstream adoption of BTC and crypto.
More important voices in the crypto space, including the one of Mike Novogratz, noted that the banks would probably do the same as PayPal in the near future, boosting the adoption of the king coin and more cryptos.
The early stages of a long-term bull cycle
Now, the optimistic predictions about the price of BTC continue – it’s been revealed that DataDash founder and crypto analyst Nicholas Merten says he believes Bitcoin (BTC) is now firmly in the early stages of a long-term bull cycle.
In a new clip, he said that the BTC correction is over, and BTC is now able to float above the important level of $10k.
“I really think we’ve set in the relative bottom here, the higher low here, as we’ve been holding on this line of support and as we’ve clearly broken away from the line of resistance.”
He said that BTC would be hitting an ATH before the end of 2021, when BTC will reach $30k.
“We’re going to break above our relative highs here from August. Come back up here. Retest $14,000. Get rejected. Make this range here support (roughly $12,000). This previous range of resistance, this is going to become new support,” he said, as quoted by the Daily Hodl.
He continued and said: “We’re going to kick back up. Break above those June 2019 highs at $14,000. We’re going to come up here, test these slightly lower highs from the all-time high peak at around $17,000. Come down. Make $14,000 to $15,000 our new support. Come up here towards around $20,000. Get rejected. Come down to $17,000 and then we’re going to slowly break above to $23,000, $22,000, and then start to make $20,000 support. Then after that, the sky’s the limit. The cycle has started.”
Stay tuned to see if Merten’s predictions come true.