Top crypto analyst and influencer Nicholas Merten is predicting when the Bitcoin bull market will top out.
In a new video, Merten tells his 463,000 subscribers that when taking a look at previous Bitcoin bull markets, it does not appear that we are anywhere close to a top for the flagship cryptocurrency this cycle.
“Eleven years of price history… What’s really interesting is we see each cycle expands from anywhere from 11 months to 13 months. So if we were to follow history, we can add an additional 12 months here. Forty-seven months is the expected length of the cycle that we’re currently in… We are far from the expected 47 months – November of 2022 is when we should expect the top.”
Even though many crypto traders and investors have lost interest in the market as we enter a sideways period, adds Merten, there’s not much to indicate that this is a Bitcoin top.
“Now everyone is so confident right now because the market has gone a lot more quiet… If you’re here right now, you’re a select few viewers who are sticking around.”
Although the trader does not believe Bitcoin has reached a peak this cycle, Merten does warn viewers that as more people enter the markets, and especially as they continue to trade with leverage, Bitcoin will continue to see intense highs and lows. He cautions that this pattern may trick those in the sector into believing that BTC is done, but in reality, it is far from its apex.
“Is this really a convincing market top, or is it just that we got overextended? With the increased amount of people borrowing credit on these derivatives platforms, these distortions, these exaggerated rallies and corrections are going to continue to happen.”
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