Nicholas Merten Predicts The Timing For Bitcoin (BTC) To Reach $200,000
A prominent crypto market analyst Nicholas Merten is looking into Bitcoin’s price action and predicts the time when BTC could hit $200,000.
Merten shares in a recent video to his 488,000 subscribers on YouTube that BTC will soar towards $200,000 sometime closer to the end of next year.
“We can see with the expanding cycle theory, where we’re expanding by about a year each time. We have our preceding year-long bear market, we’re adding about 13 to 11 months each and every cycle.
If we do that here, if we add an additional 12 months, we meet in the middle between the averages, we can see here that we’re on a good roadmap to be able to reach some kind of parabolic target like $200,000 later on in 2022.”
However, the analyst says that there is a catch for Bitcoin moving to $200,000 that many traders and analysts might be overlooking. In order to climb up, Bitcoin needs to bleed a bit, and further correct close to the $30,000 level.
“This idea that we’re going to pull back down and retest the [$30,000-$35,000 range], consolidate back upward, retest toward the previous all-time highs, breakthrough and come up towards about maybe $80,000-$85,000, pull back down, make that range support, and [then] really have a euphoric rally.
We saw this the last few times. When we have rallies in the market, when we break through the all-time highs, we should be surging higher big time.”
Should Bitcoin move further down, Merten predicts that something unprecedented could happen. There is a chance that crypto investors move focus into Ethereum (ETH) rather than cash, which would mean huge rallies for ETH and other altcoins.
“We believe that during this correction of Bitcoin, we can see something for the first time in history. For the first time in history, ETH could start to suck in a lot of this valuation liquidity. We could see rather than just a Bitcoin sell-off back into fiat, a sell-off of Bitcoin in return for Ethereum.
People are swapping from Bitcoin to Ethereum, and we can see that here in dominance, we can see it in the ETH/BTC ratio, we can see it in the fact that altcoin dominance is at its highest level since as far back as February and March of 2018.
I can’t stress that enough. We are in an optimistic time here for the markets. This is not bear market activity…”
At the time of writing, Bitcoin is trading at $48,409 down 1% on the daily chart.
