Closely watched crypto analyst Nicholas Merten states that Bitcoin’s bull run is still in full swing and explains some key signals that there is no bear market on the horizon.
In a new strategy session, Merten proposes the theory of expanding cycles and the idea that each Bitcoin bull market is slightly longer than the previous one. According to the concept, the peak of the current bull cycle will occur at a later date in the future than many theoretically anticipated.
“We are almost in line with the performance we demonstrated in the same timeframe for the 2017 cycle. The most important thing I want to emphasize is; theory of expanding loops. Regardless of whether you are a fan of this theory or not, historically speaking, the cycle is expected to last longer than the previous one. We can see this very, very clearly. Price gaps are in sync.
All the data here points to a fairly straightforward fact: this is most likely – not guaranteed – but most likely not the end of the market. I think we have a little more way to go. ”
Merten also used in previous crypto bull markets and traditional markets; He points out that the peaks of the rally often form sharp peaks or “blow-off peaks”, as opposed to the slow, round pattern that Bitcoin has built up in recent months.
“In all these other cycles we see what is known as a blow-off peak, where you realize that everything is absolutely euphoric. They rush and everyone is talking about it. Everyone needs to be exposed. They feel FOMO (afraid to miss)… But this time the cycle just tumbled a little, a little recession, like mid rallies and corrections within a general bull market.
Merten emphasizes that this cycle is only 122 weeks, with the bottoms and peaks, and the last cycle lasts about 152 weeks. If the expanding cycle theory is correct, the current bull market could take at least another 30 weeks.
“I love to buy it on sale. I love to navigate wider waves and only buy to make a profit when I am sure we have stepped into the bear market. While we are looking at practically every key data point, wherever we can examine the market, however dramatic this correction is, it does not look like a bear market. In fact, it still feels like we are in the middle of a bull market. ”