Crypto analyst and trader Nicholas Merten is working on when the next major Bitcoin (BTC) correction may occur. In a recent strategy session, Nicholas Merten says his prospects for the remainder of Bitcoin’s bull cycle are more conservative than most analysts. Analyst’s comments on Bitcoin cryptocoin.com we have compiled for you.
According to the analyst, Bitcoin will be worth $200,000 around November 2022.aiming at
The analyst says that the $100,000 level will likely act as a major resistance point for Bitcoin, potentially triggering a significant correction if hit:
I don’t doubt that for a second, but I think there will be more conservative growth, somewhere around $100,000, that big six-digit mark. When we do that, I think it will come up with a pretty good degree of resistance and we’ll have some sort of correction from there (I know people don’t want to hear or might disagree, it’s definitely the opposite).
Nicholas Merten charts a rough price path predicting Bitcoin (BTC) to hit the $100,000 level early next year, after which it drops nearly 40% to the $60,000 range. While there is a significant drop, the analyst states that such a correction would be less severe than the drop in May of this year, as BTC experienced between June 2019 and March 2020, and Bitcoin fell roughly 56%.
The closely-followed analyst suggests that this time around, Bitcoin has gone through a longer, less volatile bull market than previous cycles. The analyst predicts that BTC will end the bull market around November 2022 with a rough target of $200,000:
How great it would be if we had an exit of $100,000 here in the first quarter. We’d fix it, make the previous $60,000 resistance new support, and then jump to $200,000 by November 2022, playing through the expansion cycles we’ve seen repeatedly over the last three cycles. I think that would make much more sense.
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