Nicholas Merten Projects That Bitcoin Could Rise Up To $200K This Year
A top crypto market analyst, Nicholas Merten, is looking into Bitcoin (BTC), and drawing a path where the leading digital asset could be headed during the rest of the year 2022.
In a recent video update, Merten shared with the 510K subscribers to DataDash YouTube channel that regardless of Bitcoin’s deep correction from a November all-time high (ATH) above $69,000 to under $34,000 in January, it has in fact held up quite well as it did not fall below $30,000.
“To see since back here in January, since the discount revisited this range, that we aren’t getting any close retests down to $30,000 or $25,000 as a lot of people we kind of taking a perspective on. We’re seeing instead that buyers are coming in at higher premiums and they’re buying up the dips quite quickly.”
According to Merten, Bitcoin is holding the line and the recapture of $40,000 could be a start of rise back toward its previous all-time high within the coming months.
“What I think is really incredible about all of this is that we’ve not only got the setup to really start chartering higher here… it might mean that over the next coming weeks we could really be back into territory of where we’re revisiting back towards this previous resistance range ($65,000), the previous all-time highs.
I would bet… that this is something we’re probably going to see in April.”
Some traders are expecting good bargains on Bitcoin to still be on their way, while “smart money” has made a move already and added to their BTC bags in anticipation that there is a rally incoming, the analyst notes.
“Some other bulls in the market, who aren’t waiting around, the smart money in this case, decided to just go in and start buying, and they’re doing it a lot quicker than the last time.
What we need to see here, roughly speaking, is a retest here, a third higher high in price. Higher than the previous ones in the past.
And eventually, we might have some kind of pullback that’ll scare people. I don’t think it’s going to be anywhere significantly close to what we’ve seen (end of 2021) because the trend is getting stronger.”
Merten projects that Bitcoin not only will rise above the $100,000 level, but possibly double that price by November this year.
“The prices are going to start moving higher, getting back above this previous resistance range, setting in new all-time highs, and potentially making that range support and having one final spring-up rally going into the close of the year sometime in November.
That’s our target. We’ve been talking about Bitcoin reaching $150k, $200k in that time frame.”
