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.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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