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.
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