BITCOIN PRICE COULD TARGET $200K THIS CYCLE!! BTC BULL TIM DRAPER REVEALS HIS ALTCOIN PORTFOLIO!!

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$200K BTC This Cycle

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Bitcoin (BTC) may soar as high as $200,000 in this current boom cycle says prominent crypto analyst and DataDash founder Nicholas Merten.

In a recent installment of DataDash, Merten notes that the market cap for both DeFi and cryptocurrencies is relatively tiny compared to the rest of the global markets, with still tons of room to expand.

“[The cryptocurrency market cap is] $346 billion. Not that much. The global real estate markets are hundreds of trillions of dollars. If you’re talking about treasury markets, US government bonds are tens of trillions of dollars, global bonds for governments are over a hundred trillion dollars, equities markets are over a hundred trillion dollars. You get the gist.”

Merten also sees BTC as something that clearly follows all the basic laws of economics, such as supply and demand, and having the easily understandable narrative of being a store of value.

“I believe Bitcoin concisely is going to do well because the economics of Bitcoin make total sense. The narrative is they are of a store of value. But most importantly, the inflow and outflow economics are at play here, so we have the halving event which reduces the supply issuance and along with this as well we have people stacking Bitcoin at a record pace.”

As many Bitcoin traders use it as an indicator for future price action, Merten also referenced the stock-to-flow model (S2F) as evidence of a possible explosion to $200,000.

“If we look at the last cycle from the stock to flow, what we’ll realize is that after the halving initiated back here in the summer of 2016, as the fair value of Bitcoin actually went up into July of 2017, this is basically where the market should have topped it, around $5,000. It should have topped out in a year after the halving in July of 2017. 

But it didn’t. What happened was we had a delayed response here and what happened was we actually got up to the fair value range in October of 2017, and then massively overshot just like we did back over here for the stock-to-flow model towards $20,000.”

According to Merten, Bitcoin’s delayed response to the timeline as predicted by the S2F model suggests that BTC will likely experience an expanded cycle where it can potentially go well above the model’s target Bitcoin price of $100,000.

“I think this is going to give us the range to go beyond $100,000 possibly, maybe even towards $150,000 – $200,000.”

In other trending Bitcoin News today:

Bitcoin Bull Tim Draper Reveals The Secrets of His Altcoin Portfolio

Tim Draper, the prominent venture capitalist and tech billionaire who purchased nearly 30,000 Bitcoins (BTC) that were seized from the Silk Road, has revealed his digital currency holdings span at least half a dozen different crypto assets.  

Speaking at a recent investment conference, Draper revealed that his holdings include Bitcoin Cash (BCH), Ripple (XRP), Tezos (XTZ), and Aragon (ANT), adding:

“I’m a believer. I think it’s happening – [adoption] it’s coming. It’s so important for the world, and I want the world to know it, and I want other people in the world to get on board.”

Draper has been an active cryptocurrency investor for seven years, having made multi-million investments into several startups and burgeoning projects, including major U.S. crypto exchange Coinbase.

In 2019, he announced that he had moved entirely out of public stock in favor of cryptocurrency.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://dailyhodl.com/2020/09/23/bitcoin-could-target-200000-this-cycle-according-to-crypto-analyst-nicholas-merten/

https://cointelegraph.com/news/bitcoin-bull-tim-draper-reveals-the-secrets-of-his-altcoin-portfolio

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