Nicholas Merton from DataDash discusses the potential for Bitcoin to reach $100,000 by 2024. He notes that July 2024 has shown significant strength in the crypto market, with Bitcoin bouncing back from lows around $53,000.
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The recovery has put Bitcoin in a position where, if certain conditions are met in the next few weeks, it could potentially reach new all-time highs by the end of the year.
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Merton emphasizes the importance of Bitcoin breaking through and holding above key moving averages, particularly the 100-day and 200-day moving averages.
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He suggests that for a sustained bullish trend, Bitcoin needs to not only clear these levels but also use them as support on subsequent pullbacks. Specifically, he mentions the $63,000 range as a critical area to watch for support.
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While Merton is optimistic about Bitcoin's potential, he also warns of some concerning signs in the broader financial markets. He points out that the stock market, especially tech stocks and semiconductor companies, has shown signs of weakness. This could potentially impact the crypto market, as there's often a correlation between traditional finance and cryptocurrency performance.
Merton doesn't explicitly state that Bitcoin will reach $100,000 by 2024, but he suggests that if the right conditions are met, Bitcoin could be set up for significant growth. He advises viewers to watch for key technical indicators and market trends to gauge the likelihood of such a move.
