dailyhodl.com
Popular crypto analyst Nicholas Merten is plotting a potential price path for Bitcoin that could see BTC quadruple in price to $200,000.
In a new video, the host of crypto channel DataDash tells his 488,000 subscribers that BTC will skyrocket toward $200,000 sometime near 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.”
According to Merten, Bitcoin’s trajectory to $200,000 comes with a catch that many traders might be overlooking. He says that before really picking up steam, Bitcoin needs to see a little more pain, and undergo a further 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, the analyst predicts something unprecedented may happen. According to Merten, there’s a possibility that crypto investors may shift into Ethereum (ETH) rather than cash, sending ETH and other altcoins on significant rallies.
“We believe that during this correction of Bitcoin, we can see something for the first time in history. For the first time in history, ETH could start to suck in a lot of this valuation liquidity. We could see rather than just a Bitcoin sell-off back into fiat, a sell-off of Bitcoin in return for Ethereum. People are swapping from Bitcoin to Ethereum, and we can see that here in dominance, we can see it in the ETH/BTC ratio, we can see it in the fact that altcoin dominance is at its highest level since as far back as February and March of 2018. I can’t stress that enough. We are in an optimistic time here for the markets. This is not bear market activity…”
Bitcoin is exchanging hands at $48,907 as of writing while ETH is trading for $3,991.