Cryptanalyst and trader Nicholas Merten publishes his estimate of when another major BTC correction could occur.
Do you worry about another major BTC correction?
First of all – never just follow an article. Have your own opinion and, as always, keep the responsibility for your finances in your hands – as well as your private keys. We know that another big correction will come sooner or later. Merten says his expectations for the rest of the BTC bull cycle are probably more conservative than those of most analysts.
A closely watched analyst suggests that this time BTC is going through a less volatile bull market than previous cycles. Finally, we will also introduce his ultimate bull target for the end of this cycle.
The analyst says the $ 100,000 level is likely to act as a massive point of resistance. This resistance for BTC potentially triggers a significant correction if affected.
Nicholas Merten said he had no doubts about reaching $ 100,000 by the first quarter of 2022. He added:
“If we come across it, I think it will turn out to be a pretty decent degree of resistance, and we’ll have it from there – I know it’s something people don’t want to hear or disagree with. – […] We will have some correction. “
Prediction for BTC
Merten draws the track for BTC as follows:
- $ 100,000 / BTC will be reached early next year.
- Then BTC will drop 40% to $ 60,000.
- Once the correction is made, the BTC can start growing again.
It would be about a significant drop, and especially for newcomers, a strong correction after reaching $ 100,000 would be a possible disappointment. However, the analyst notes that such a correction would be less profound than what BTC experienced between June 2019 and March 2020. Even milder than the decline in May this year, when BTC fell by about 56%.
And now the promised ultra bullish prediction. Closely watched analyst estimates that BTC will complete its bull market around November 2022 with a gross price target of around $ 200,000. As you may have understood, Merten is based on the theory of lengthening BTC cycles.