Crypto analyst Nicholas Merten projects Bitcoin (BTC) could rally nearly 7x by the end of the year despite current market conditions.
In his latest YouTube update, Merten tells his 502,000 DataDash subscribers that Bitcoin’s recent market cap crash to $600 billion will set the foundation for the next bull run.
“If you look at this on the expanding time frame, it looks pretty reasonable. And, on top of that, when we take a look at the BTC market cap, it’s really interesting here… If we take a look at the previous cycle peak and align it with the lows, this has been a pretty important range of contest.
If Bitcoin can hold here, at $600 billion, that’s going to set the foundation for Bitcoin to spring up over the next coming months.”
The crypto analyst reminds his viewers that all rallies come from corrections and are often spurred by big money buying BTC at heavily discounted market prices. Understanding how big players buy, according to Merten, is the key to navigating the highly volatile crypto markets.
“Rallies are formulated [and] nurtured by liquidations, by corrections, by fear… because the only way you’re going to see this [market cap] increase is by larger players, the smart money, in this case, coming in at the time that they come in.Â
Well, when do they come in? They come in during peak fear. They buy discounts…
We gotta respect them for that. We talk so bad about the larger players, but, to be honest, we just need to understand how they work, and we can navigate this market really well.”
As for price predictions, Merten indicates on a chart that he foresees Bitcoin rallying to $200,000 in November 2022.
Bitcoin is trading at $34,656 at time of writing, down 2% over the last 24 hours, 20% over the last seven days and 32% over the last 30 days.
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