Here’s What Could Signal a New Bullish Phase for BTC and a Surge Above $100,000, Says Analyst Nicholas Merten

A widely followed crypto analyst believes one key factor could signal Bitcoin (BTC) is heading to six figures.

In a new strategy session, Nicholas Merten, the host of DataDash, tells his 509,000 YouTube subscribers that if inflows of Bitcoin exchange-traded funds (ETFs) remain around 20,000 BTC per week the crypto king could soar beyond $100,000.

“I want to make clear here that for me personally seeing those tens of thousands of Bitcoin being purchased on a weekly basis to the ETF would be a huge cue that we’re ready for a broader upward move, that we’re ready for six figures, that Bitcoin is really going to charter a new bull market beyond its prior all-time highs.”

However, Merten warns if the ETF inflows decline Bitcoin could retest $50,000.

“If we aren’t seeing that, if we’re seeing more single-digit thousand weeks, sometimes weeks where Grayscale outflows are still quite heavy and potentially knocking this down where we’re having negative or neutral weeks, that is going to be for me a sign that at a minimum we’re due for a correction down to the 100-day moving average or potentially 200-day moving average, which I know, to many people, sounds impossible, but it could very well happen in the sense that we just generally face a slow chop down here where the price level’s probably no further than $50,000, somewhere in that ballpark.”

BTC is worth $70,621 at time of writing.

 

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

  Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

The post Here’s What Could Signal a New Bullish Phase for BTC and a Surge Above $100,000, Says Analyst Nicholas Merten appeared first on The Daily Hodl.