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Bitcoin rendition pattern from the S&P 500, according to crypto analyst Nicholas Merten – Here is his goal

The closely-followed crypto analyst Nicholas Merten says that Bitcoin (BTC) could reflect a technical price pattern previously seen in the S&P 500index was displayed.
In a new strategy meeting, Merten tells its 488,000 YouTube subscribers that BTC may be following the same pattern that the S&P 500 went through between 2000 and 2008, but in a much shorter timeframe.

Merten studies how the S&P 500 rebounded to $ 1,500 in 2008 before correcting to $ 770 and then repeating the entire process over a 4 year period.

As the crypto markets correct in price, Merten says institutions may be waiting for this pattern to take effect before getting an optimal entry point.

“Institutions, big buyers who have to build massive positions, don’t love a time better than when the markets are calm, somehow stagnant, they don’t feel euphoric. They love to shop during these discount opportunities. They step in slowly, they buy fear. It is you who set the floor here.

I think that’s what we’re seeing here folks. I think we are repeating the history of the S&P 500 in the crypto markets here. But instead of looking at monthly candles here, I’d say this is more like the weekly chart … Things happen a lot faster in crypto because it’s a much smaller market. “

When the pattern shows up, Merten sees Bitcoin drop to around the $ 30,000 level before recovering and resuming an upward trend.

Although the scenario may look bleak, the crypto analyst says it would be more of an opportunity than anything else.

“While I think the price will go down here, this is no reason to panic sell, get out of the market and run for the mountains. In fact, this can only be the catalyst to building a long-term accumulation pattern that will then allow Bitcoin to regain market dominance, jump higher, and hit the $ 150,000-100,000 level again that we are confident enough of. But also give Altcoins a great opportunity to achieve even more market dominance than in this cycle. “

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Source: Crypto News Deutsch

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