According to crypto analyst Nicholas Merten, Bitcoin may enter an enthusiastic rally towards 200,000. The popular crypto analyst is plotting a potential path for Bitcoin that could quadruple the price of BTC to $200,000.
Is 200K possible for bitcoin?
In a new video, the crypto analyst tells his 488,000 subscribers that BTC will skyrocket to $200,000 by the end of 2022. The analyst says:
In the previous year, we had a year-long bear market, adding about 13 to 11 months in each cycle. If we do that here, add another 12 months, we’ll meet in the middle of the [previous] averages, where we can see we’re on a good roadmap to hit some kind of parabolic target like $200,000. Later in 20222.
According to Merten, Bitcoin’s trajectory to $200,000 comes with a situation that many traders may miss. He says that before it really gains momentum, Bitcoin needs to see some more pain and go through a correction near the $30,000 mark. Here’s what the analyst says about it:
This idea is when we pull back and retest [$30,000-35,000 range], consolidate upwards again. This is when we will retest, break through to previous all-time highs, and hit around $80,000 – $85,000.
If Bitcoin corrects, the analyst predicts that something unprecedented could happen. According to Merten, there is a possibility that crypto investors will switch to Ethereum (ETH) instead of cash by sending ETH and other altcoins at significant rallies. On this subject, the anlist says:
We believe we may see something for the first time in history during this correction of Bitcoin. For the first time in history, ETH may begin to absorb much of this valuation liquidity. We may see a Bitcoin sale in exchange for Ethereum. People are moving from Bitcoin to Ethereum and we can see the dominance here, we can see that in the ETH/BTC ratio, we can see that altcoin dominance is at its highest level since February.