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Here’s When Bitcoin Price Will Head Towards Deeper Correction

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Bitcoin ended October with $61,300, up 41 percent from September’s close. Given that the cut-off happened on a Sunday, generally a slow day for crypto trading, the sudden ‘Uptober’ surge was all the more impressive.

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Nicholas Merten, a cryptocurrency analyst, and the trader is trying to figure out when the next big Bitcoin (BTC) correction will occur. Merten believes his estimates for the rest of Bitcoin’s bull cycle are likely more conservative than other analysts in a new strategy session. 

According to the expert, the $100,000 mark would likely operate as a big point of resistance for Bitcoin, triggering a significant decline if it is breached. He doesn’t doubt a rally to here ($100,000) in Q1, but he thinks it’ll be more conservative, somewhere around $100,000, that enormous six-figure level. When we get there, he thinks it’ll be a significant level of resistance.

Merten plots a rough price path for Bitcoin, predicting that it would peak $100,000 early next year before plummeting by 40% to the $60,000 range. While it would be a considerable decline, the expert points out that it would be less severe than the drop in BTC that occurred between June 2019 and March 2020, as well as the 56 percent drop in May of this year. 

According to the widely recognized expert, BTC will experience a longer and less volatile bull market this time around than in prior cycles. BTC’s bull market is expected to end around November 2022, with a ballpark aim of $200,000.

“How amazing would it be if we had a breakout towards $100,000 here in Q1, we correct down and make the $60,000 previous resistance new support, and then we leapfrog up toward $200,000, toward November of 2022 playing into the expanding cycles that we’ve seen time and time again for the last three cycles? I think that is much much more reasonable.”

Also Read : Bitcoin Price Eyes For $75k and Ethereum Price Manifests For $5.5k By the End of November!

The Blogger Scientist is a "Medical Physiologist" and a "Financial Asset" Content Creator who aims at enlightening web reader on varying Financial Assets such as Stocks, FX, Crypto, MLM,. HYIP among others.

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