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Despite the multiple market corrections, Bitcoin is still surrounded by optimistic predictions. The latest one comes from Nicholas Merten, and you can check out the available details below.
The influential crypto analyst addresses a potential price path for Bitcoin that could see BTC quadruple in price to $200,000.
Bitcoin to reach $200k
Recently, Merten said 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.”
He continued and said the following:
“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.”
Merten also made sure to point out that Bitcoin’s trajectory to $200,000 comes with a catch.
He explained that before really picking up steam, Bitcoin needs to see more corrections and head over 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.”
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $48,143.
Bitcoin to replace the dollar?
Jack Dorsey made some pretty exciting affirmations about Bitcoin and Web3 and you can check out what happened below.
When Cardi B asked online if crypto will replace the US dollar, Dorsey hopped in the comments and said this:
Yes, Bitcoin will
— jack⚡️ (@jack) December 21, 2021
Stay tuned for more crypto-related news.