According to KOL Nicholas Merten, Bitcoin is preparing for the upcoming major rally
Prominent analyst Nicholas Merten says Bitcoin is showing signs a rally is imminent and BTC bulls will overtake bears.
In one Video Recently, the DataDash host told its 509,000 subscribers that Bitcoin is not in a bear market and that we shouldn’t be fooled by the leading cryptocurrency’s recent flat price action.
“There is a really interesting technical pattern and this is a signal that the bulls are in control. Don’t let the consolidation fool you into thinking this is a bear market.
I want you to be clear that crypto bear markets have historically been periods of corrections greater than 50%, probably somewhere in the 70%, 80%, 90% range. It’s a bear market for highly volatile assets like crypto.”
The analyst sees Bitcoin’s recent higher bottom as evidence that a potential rally is imminent.
“Despite weakness in late 2021 and an unstable start to 2022, Bitcoin has established a higher low here.
Buyers are making ascending support levels and this is a really good sign that Bitcoin will not make a lower high. The highs are relatively constant… The lows are getting higher. Buyers are paying a premium here, and that suggests the market may be ready to bounce back.”
BTC market cap 2 week chart | The source: TradingView/DataDash
Merten added that BTC could reach a $4 trillion market cap by the end of the year, which could take its value to around $200,000, about 385% above its current price.
“The idea that bitcoin has the potential to go to $4 trillion sometime in October, November-December 2022, what we are really asking for is just a 220% return from the previous all-time high.
The last rally Bitcoin had from its previous all-time high was 392%. What’s more, it’s an increase of 359% and in a much shorter time frame than what we’re asking for here.”
Bitcoin is changing hands at $42,211 at press time, down 0.8% on the day.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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Analysis
According to KOL Nicholas Merten, Bitcoin is preparing for the upcoming major rally
Prominent analyst Nicholas Merten says Bitcoin is showing signs a rally is imminent and BTC bulls will overtake bears.
In one Video Recently, the DataDash host told its 509,000 subscribers that Bitcoin is not in a bear market and that we shouldn’t be fooled by the leading cryptocurrency’s recent flat price action.
“There is a really interesting technical pattern and this is a signal that the bulls are in control. Don’t let the consolidation fool you into thinking this is a bear market.
I want you to be clear that crypto bear markets have historically been periods of corrections greater than 50%, probably somewhere in the 70%, 80%, 90% range. It’s a bear market for highly volatile assets like crypto.”
The analyst sees Bitcoin’s recent higher bottom as evidence that a potential rally is imminent.
“Despite weakness in late 2021 and an unstable start to 2022, Bitcoin has established a higher low here.
Buyers are making ascending support levels and this is a really good sign that Bitcoin will not make a lower high. The highs are relatively constant… The lows are getting higher. Buyers are paying a premium here, and that suggests the market may be ready to bounce back.”
BTC market cap 2 week chart | The source: TradingView/DataDash
Merten added that BTC could reach a $4 trillion market cap by the end of the year, which could take its value to around $200,000, about 385% above its current price.
“The idea that bitcoin has the potential to go to $4 trillion sometime in October, November-December 2022, what we are really asking for is just a 220% return from the previous all-time high.
The last rally Bitcoin had from its previous all-time high was 392%. What’s more, it’s an increase of 359% and in a much shorter time frame than what we’re asking for here.”
Bitcoin is changing hands at $42,211 at press time, down 0.8% on the day.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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