Here’s When The Next Nasty Bitcoin Correction Might Come, Crypto Analyst Nicholas Merten Says

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Crypto analyst and trader Nicholas Merten is working on when the next big Bitcoin (BTC) correction might take place.

In a new strategy session, Merten said his expectations for the rest of Bitcoin’s bull cycle are likely more conservative than most analysts.

The analyst says the $ 100,000 level will likely act as a huge point of resistance for Bitcoin and potentially trigger a large correction if reached.

“A potentially rally here ($ 100,000) in the first quarter, I have no doubt that for a second, but I think it’s going to be a more conservative rally, somewhere around $ 100,000, that big six-figure mark. When we get to that, I think it’ll translate into a pretty decent level of resistance, and from there we’ll have – I know it’s something people don’t want to hear or that they might be in. disagree, it’s definitely against the grain – is that we’re going to have some sort of correction.

Merten draws a rough price path that predicts Bitcoin will hit the $ 100,000 level early next year, before dropping roughly 40% to $ 60,000 thereafter. While this is a significant drop, the analyst notes that such a correction would be less severe than what BTC experienced between June 2019 and March 2020, as well as the May plunge of this year where Bitcoin has fell about 56%.

The closely watched analyst suggests that this time around, Bitcoin is going through a prolonged and less volatile bull market than previous cycles. He predicts that BTC will end its bull market around November 2022 with an approximate target of $ 200,000.

“How amazing it would be if we had a breakout towards $ 100,000 here in the first quarter, we correct and make the previous resistance of $ 60,000 new support, then we jump to $ 200,000, around November 2022 playing in the expansion cycles that we have seen over and over again for the last three cycles?

I think it is much more reasonable.

I

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