Nicholas Merten, a recognized YouTuber and crypto analyst, considers that Bitcoin could move towards $15,000 and $20,000 in a matter of weeks. He said that in a recent episode of DataDash, showing he is also bullish about the future of the space.
Bitcoin Could Surge Above $15,000
During the last few days, Bitcoin has been traded positively, recovering part of the price it lost last month and coming back to the $11,000 and $12,000 regions. With this price increase, the virtual currency extended the price difference it had with altcoins that remained stable or experienced small price increases.
Nicholas Merten considers that Bitcoin is currently gathering attention from investors as a hedge against global economic instability. One of the reasons that he considers will help Bitcoin price increase is related to the macro environment around the world.
On the matter, he commented:
“I believe anything in the [$9,000 to $12,000] range is going to be a huge discount a few weeks out in this case, when we really start to pick up on the cycle and possibly go to $15,000, $18,000 or $20,000. I think that’s where we’re going to in the sense of the cards that we have right now. And the reason for that is because the macro environment is brewing for that.”
It is worth mentioning that global financial stability is currently increasing. The recognized investor Raoul Pal explained on Twitter why he considers that we are going to be experiencing a currency crisis and how Bitcoin could become accepted as a new financial system.
There are many issues that are affecting worldwide financial stability, including low inflation rates in Europe, falling currencies in developing countries and a trade war between the United States and China.
And $BTC #Bitcoin is doing its job of suggesting an alternative system is gaining in probability (it trades like call option on a new system, in my mind). The price moves are so ENORMOUS (and thus the increase in probabilities are so FAST) that you have to use log charts… pic.twitter.com/ug5bb7P3Lf
— Raoul Pal (@RaoulGMI) August 7, 2019
China has also recently devaluated its currency to the lowest point in over a decade, generating a sell-off in international stock markets. Moreover, the Industrial PMI in Europe as reported by Markit reached the lowest point in 7 years, which is also something to be worried about.
Bitcoin and gold are also behaving in tandem during the last few months and reaching their highest level in years, something that shows that investors are searching for safe-haven assets rather than traditional stock markets fueled by monetary stimulus.
At the time of writing this article, Bitcoin is being traded around $11,900 and it has a market capitalization of $212 billion.
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