Analyst Nicholas Merten believes the current correction in the Bitcoin and crypto market is not over yet.
In a new episode of DataDash, Merten said that the total crypto market cap will continue to decline.
“Where is the market headed? I think it will move towards total crypto market cap in the $ 2.4 trillion range. A complete, nice, clean, 20 percent customization. “
Merten said this phase of correction could serve as the framework for the next crypto “superwave” rally that would significantly boost the entire market.
“We’ll probably zigzag around this area [khoảng 2,59 nghìn tỷ đô la] and finally set the framework for the outbreak.
How long will it take? I don’t know the details, and I don’t want to make big, rampant predictions about what’s to come. I think this is the range that you would like to get into the market and take some new positions before the next super wave hits. “
Source: Nicholas Merten
At the time of writing, the total crypto market cap is $ 2.56 trillion.
Merten moved on to the largest crypto asset by market cap and also commented on speculation that Bitcoin may form a bearish double-top pattern near the $ 60,000 mark.
“I wouldn’t be too worried about that, I don’t think it’s a dual leadership.
It is clear that BTC has made new all-time highs here and is starting to fluctuate around the previous resistance area of $ 60,000, but it will retest this area a few more times. “
Source: Nicholas Merten
The analyst says that Bitcoin’s price development may be uncertain in the short term – but withdrawn, the leading cryptocurrency is currently in the same price range as October and the beginning of the month.
“It’s important not to get bogged down staring at the five-minute chart, it all sucks. In fact, Bitcoin has done very well. This is generally the range it roamed a lot from October to early November, not bad. “
Bitcoin is trading at $ 59,100 at press time, down 5.5% over the past 24 hours.
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