Popular crypto analyst Nicholas Merten believes it will be a few more months Bitcoin (BTC) exits this current sideways accumulation period.
Merten tells its 485,000 YouTube subscribers that he believes BTC will erupt in late January or early February.
Merten says it is possible for Bitcoin to break the concept of expansion cycles, which is the idea that everyone Bull market will be a little longer than the last.
In fact, I’ll say this: We might see the expanding cycle theory broken to some extent and we’ll go as high as $ 200,000. But that’s the really optimistic story here. “
Rather, Merten thinks it is more likely that Bitcoin’s uptrend will peak at around $ 100,000 sometime in March. Looking at the graph of Bitcoin’s logarithmic growth curves, the analyst predicts that the BTC breakout is likely to be its next Fibonacci-Deviation of a support line will result, which is an increase of almost 80% from the current value of BTC.
“[That is a] 78% price movement from our current status over three trading months. Doesn’t seem like a crazy question to me. Seems like a pretty conservative estimate given the data science we have about expanding cycles and how we know crypto can move. Crypto can easily move 70-80% within this time frame. “
Bitcoin is trading at $ 57,122.55 at the time of writing, down less than 1% from the day.
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Source: Crypto News Deutsch