dailyhodl.com
Popular crypto analyst Nicholas Merten thinks it will be a couple of months before Bitcoin (BTC) exits out of this current sideways accumulation period.
Merten tells his 485,000 YouTube subscribers that he thinks BTC will break out in late January or early February.
Merten says it’s possible for Bitcoin to potentially break the concept of expanding cycles, which is the idea that each bull market becomes slightly longer than the last.
“I’ll even go ahead and say this: It might be that we see the expanding cycles theory broken to some degree, and we go all the way to $200,000. But that is the really optimistic narrative here.”
Rather, Merten thinks it’s more likely that Bitcoin’s move upwards will top out some time in March around $100,000. The analyst looks at Bitcoin’s Logarithmic Growth Curves chart and predicts that BTC’s breakout will likely take it to its next Fibonacci deviation of a support line, representing a nearly 80% increase from BTC’s current value.
“[That is a] 78% price move from where we stand at the moment, over three trading months. Doesn’t seem like a crazy ask to me. Seems like a quite conservative estimation, according to the data science that we have, expanding cycles, and how we know crypto can move. Crypto can easily make a 70-80% move within this timeframe.”
Bitcoin is trading at $57,122.55 at time of writing, down less than 1% on the day.