Popular crypto analyst Nicholas Merten plans a potential price path for Bitcoin, which could quadruple the price of BTC to $ 200,000.
In a new video, the host of the crypto channel DataDash tells its 488,000 subscribers that BTC will rise to $ 200,000 sometime in late 2022.
“We can use expansion cycle theory to see where we expand by about a year each time. We have our one year old Bear market, [and] we add about 13 to 11 months to each cycle.
If we do this, if we add another 12 months, we’ll meet in the middle between the [previous] Averages we can see here that we are on a good roadmap to reach some kind of parabolic target like $ 200,000 later in 2022. “
Bitcoin’s $ 200,000 price tag has a catch that many traders may overlook, according to Merten. He says that before Bitcoin can really pick up speed, it will see a little more pain and another correction has to go through near the $ 30,000 mark.
“This idea [is] that we’ll pull that back down and test again [$30,000-$35,000 range], consolidate back up, test again towards previous all-time highs, break through and rise to around $ 80,000- $ 85,000, pull back down, support that range and [then] really have a euphoric rally.
We’ve seen that the last few times. If we have rallies in the market, if we break the all-time highs, we should climb massively. “
If Bitcoin corrects, the analyst predicts that something unprecedented could happen. According to Merten, there is a possibility that crypto investors in Ethereum (ETH) instead of cash and sends ETH and other Altcoins on major rallies.
“We believe that during this correction of Bitcoin we will be able to see something for the first time in history. For the first time in history, ETH could soak up much of this valuation liquidity. We might see not just a bitcoin sell-off back in fiat, but a sell-off of bitcoin in exchange for Ethereum. People are swapping from Bitcoin to Ethereum, and we can see this in the dominance here, we can see it in ETH /BTCRatio, we can see it in the fact that altcoin dominance has reached its highest level since February and March 2018. I can’t, ‘I can’t stress this enough. We are in an optimistic time for the markets here. This is not a bear market activity … “
Bitcoin is trading hands at $ 48,907 at the time of writing, while ETH is trading at $ 3,991.
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Source: Crypto News Deutsch