Popular crypto researcher Nicholas Merten has predicted that Bitcoin’s price might quadruple to $200,000 in the near future.
In a recent video, DataDash, the host of the crypto channel, informs his 488,000 followers that Bitcoin will hit $200,000 by the end of 2022.
“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, [and] 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 [previous] 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.”
Bitcoin’s rise above $200,000, according to Merten, comes with a catch that many traders may be overlooking. He believes that before Bitcoin can really take off, it needs to go through a bit more hardship and a correction near the $30,000 mark.
“This idea [is] 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.”
If Bitcoin corrects, according to the analyst, something unprecedented may occur. According to Merten, crypto investors may decide to put their money into Ethereum (ETH) rather than cash, causing ETH and other altcoins to rally significantly.
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