Bitcoin Could Dip Below This Crucial Support Level Before Taking Off, Says Crypto Analyst Nicholas Merten
Closely followed crypto analyst Nicholas Merten says that Bitcoin (BTC) could fail its next support level test before soaring to new heights.
In a new strategy session, the host of DataDash tells his 489,000 YouTube subscribers that even though the short-term outlook of Bitcoin may appear strong to some, they should expect BTC to dip below the $35,000 range before skyrocketing during spring 2022.
I think most people who do technical analysis would show you after multiple trading days of retesting [the $45,000 range], weve got a rising level of support, and thats great.
But to be honest, we had our first major bounce off, not setting a higher low
Thats really not a good sign.
Thats why Im feeling incredibly confident, even though we had this drawback a couple of weeks ago, that [it’s] going to play out here in the next couple of days where we break below the trend line on a failed means to be able to make support, and thats probably going to lead us – we dont really have much reason not to at this point – to come down towards the [$30,000-$35,000 range] and consolidate for a little while.
According to Merten, BTC should then kick off a recovery phase that sees the top crypto reaching new all-time highs next year.
The long-term trend, its optimistic.
Were building high foundational support right at an ascending range of support with a previous range of resistance
In the long-term, this is setting up that springing foundation where we can really start to [see a] leapfrog in valuation for BTC, where [the] market cap can start to set in those higher lows and really start to trend higher going into 2022 to reach a price target of $150,000-200,000, giving Bitcoin a multi-trillion-dollar valuation.
Bitcoin is exchanging hands at $47,500 at time of writing, an 8.5% decrease from its seven-day high of $51,885.
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