Famous cryptocurrency analyst and influencer Nicholas Merten predicted in a new video when the Bitcoin (BTC) bull market will peak. Merten tells his 463,000 subscribers that, looking at previous Bitcoin bull markets, we are nowhere near the top for the leading cryptocurrency in this cycle.
When will the bull cycle in Bitcoin (BTC) end?
“A ten-year price history… What is really interesting is that we see each cycle expand from 11 months to 13 months,” the analyst said. So if we’re going to follow history, we can add another 12 months here. The expected duration of the cycle we are currently in is forty-seven months… We are far from the expected 47 months – November 2022 is when we should wait for the peak.”
Although many crypto traders and investors have lost interest in the market as we have entered a side period, Merten adds that there is not much to show that this is a Bitcoin peak. “Everyone is so confident right now because the market has gotten a lot quieter… If you’re in this space right now, you’re one of the few select audiences walking around,” the analyst says.
“BTC is far from peak”
While the trader does not believe that Bitcoin has peaked in this cycle, Merten warns viewers that Bitcoin will continue to see intense ups and downs as more people enter the markets and continue to trade, especially with leverage. He warns that this model may make the industry believe that BTC is over, but underlines that in reality it is far from the peak:
Is this really a credible market peak, or have we just overexpanded? These distortions, these exaggerated rallies and corrections will continue to happen as the number of people taking loans on these derivatives platforms increases.
According to data, Bitcoin has risen by 2.2 percent in the last 24 hours and is changing hands at $ 34,376. In the last seven days, it has lost 2.9% of its value.