Crypto analyst and trader Nicholas Merten reveals when the next big Bitcoin (BTC) correction could take place.
More so, Nicholas Merten says that the $100,000 level will become a huge point of resistance for Bitcoin. Then, it’ll potentially trigger a significant correction.
“A rally to potentially here ($100,000) into Q1, I don’t doubt that for a second,..”
Then, Nicholas Merten continues.
“but I think it’s going to be a more conservative one, somewhere around $100,000,..”
“that big six-figure mark. When we do hit that, I think it’s going to play out as a pretty decent…”
“degree of resistance, and from there, we’re going to have – I know this is something people…”
“don’t want to hear or might disagree with, it’s definitely contrarian – is that we’re going to have a correction of some sort.”
So, Nicholas Merten concludes.
Furthermore, Nicholas Merten shows a sketchy price path, predicting Bitcoin hitting the $100,000 level early next year. Of course, that’s before dropping about 40% to the $60,000 range thereafter.
Meanwhile, it would be a notable dip according to Merten, as such correction will be less severe. Especially, to compare to what happens to BTC between June 2019 and March 2020. Also, the decline in May of this year where Bitcoin dropped roughly 56%.
Additionally, Nicholas Merten predicts BTC finishing off its bull market around November 2022. With of course, a rough target of $200,000.
So, Nicholas Merten explains.
“How amazing would it be if we had a breakout towards $100,000 here in Q1,…”
“we correct down and make the $60,000 previous resistance new support,..”
“and then we leapfrog up toward $200,000, toward November of 2022 playing into the…”
“expanding cycles that we’ve seen time and time again for the last three cycles?”
Then, Nicholas Merten concludes.
“I think that is much much more reasonable.”
