Bitcoin could fall below this crucial support level before withdrawing, says crypto analyst Nicholas Merten
The closely-followed crypto analyst Nicholas Merten says that Bitcoin (BTC) may fail its next support level test before rising to new heights.
In a new strategy session, the host of DataDash tells its 489,000 YouTube subscribers that while Bitcoin’s near-term outlook may seem strong to some, they should expect BTC to drop below the $ 35,000 mark before it hit the Will skyrocket in spring 2022.
“I think most people who do technical analysis would show you after several trading days of retesting [the $45,000 range], we have increasing levels of support and that is great.
But to be honest, we had our first big ricochet, not a higher low …
This is really not a good sign.
That’s why I’m incredibly confident, even if we had this shortcoming a few weeks ago that [it’s] We’ll be playing here for the next few days where on a failed remedy we break below the trendline to be able to create support and that will likely lead us – we don’t really have many reasons not to do this right now – to come down [$30,000-$35,000 range] and consolidate for a while. “
According to Merten, BTC should then initiate a recovery phase in which the top crypto hits new all-time highs in the next year.
“The long-term trend is optimistic.
We build high fundamental support right in an ascending support area with a previous resistance area …
In the long term, this will create the foundation on which we can really start [see a] Leap in the rating for BTC, with [the] the Market capitalization can start at those higher lows and really trend higher by 2022 to hit a target price of $ 150,000 to $ 200,000, giving Bitcoin a multi-trillion dollar valuation. “
Bitcoin is trading hands at $ 47,500 at the time of writing, down 8.5% from its seven-day high of $ 51,885.
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Source: Crypto News Deutsch