Analyst Nicholas Merten finds out when the next big Bitcoin correction could take place.

In one Strategy meeting Neu says Merten is more conservative than most analysts about the rest of the Bitcoin bull cycle. According to him, the $ 100,000 mark is likely to act as a major point of resistance and potentially trigger a significant correction if touched.

“A potential rally here ($ 100,000) in the first quarter, I don’t doubt that, but I think it will be a more cautious rally. When the price hits $ 100,000 I think it will be a pretty decent resistance, and from then on – I know this is something people don’t want to hear or may disagree with – it will definitely be corrected . “

Merten drafts a preliminary price path that predicts Bitcoin will hit $ 100,000 early next year before falling about 40% to the $ 60,000 area after that. While this would be a significant drop, the analyst noted that such a correction would be less severe than the one BTC experienced from June 2019 to March 2020, as well as the crash occurred in May of this year when Bitcoin rose about 56%. fell.

This time around, Bitcoin experienced a sustained bull market with less volatility than in previous cycles, the analyst said. He predicts that BTC will end the bull market around November 2022 with an interim target of $ 200,000.

“How great would it be if the price broke out to $ 100,000 in the first quarter, then flipped the resistance from $ 60,000 to a new support, and then jumped to $ 200,000 in November 2022. I think that makes a lot more sense. “

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Annie

According to Dailyhodl

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