One of the better crypto channels on YouTube is DataDash, and is run by Nicholas Merten. He is known for his realistic and well-founded statements. That is why it is striking that he dares to state with some certainty that bitcoin will be worth 20,000 dollars within a few weeks.
In the latest episode of DataDash, Nicholas Merten says he feels bullish, mainly because many people now see bitcoin as insurance against global economic instability. He, therefore, makes the right comparison with gold and silver.
Bitcoin under $ 12,000 is on sale
“I believe that bitcoin between $ 9,000 and $ 12,000 in a few weeks will be experienced as a huge discount. Then we really start the cycle and possibly go up to $ 15,000, 18,000 or even $ 20,000. The way it looks now, I think we’re going there. And the reason for that is that the macro conditions force bitcoin to do this. “
“Bitcoin is becoming much more part of the public debate. People in the financial sector are watching what is happening in China and in the United States, Europe, Japan and all these markets where we are starting to see some very grim movements. The worst day for US stocks in 2019 happened in a very short period. The only high-performing assets were gold and silver. And bitcoin of course. “
“It is the subject that everyone is talking about and it is the most famous cryptocurrency. And it is the longest existing cryptocurrency. So we have to understand psychology here. It is not much more complex than thinking of a group of people who have been speculative about bitcoin for years and now see China deeply devaluing its currency. With almost 2 percent on a day, and on the same day, bitcoin increases by 10 percent. “
Ellende takes care of institutional customers
DataDash expects that if global economic misery continues and bitcoin rises in response, financial institution customers want even more bitcoin.
“This ensures that people talk about it. It gets institutional importance. Things like a bitcoin ETF must be encouraged to open new liquidity gates for this market and gain exposure. Not only private investors want to have access to BTC, they know that their institutional clients also want access to it. A few days ago, the stock market made their biggest dive of the year. And these are the time periods in which people look for hedges, and a lot of new liquidity comes on the market. “
He points to an article on Bloomberg that shows that more than $ 700 billion in market capitalization has been wiped out in one day. Are you also considering a hedge?