According to KOL Nicholas Merten, Bitcoin is on the verge of a parabolic recovery
A well-regarded analyst is digging into the Bitcoin chart to outline when BTC can reclaim $60,000 and resume its race to an all-time high (ATH).
In a new strategy session, Nicholas Merten to speak that BTC’s ability to withstand recent downward pressure and break above $40,000 bodes well.
“We are seeing consistent confidence in the price as buyers place bids high on the order book and push the bitcoin price down from the mid-$30,000s to around $39,000-$40,000.”
As BTC continues to establish bullish higher lows, Merten predicts that the next stop could be a retest of $60,000. Bitcoin has reached this threshold twice in the past year.
“It looks like BTC is setting the trajectory for a third try…
A third could be attractive for Bitcoin, which will retest around the mid-$60k region. Finally, there is the technical setup to fully break through and create a parabolic price for Bitcoin.
About $150,000 to $200,000 by the end of the year.”
Source: Nikolaus Merten
At the time of writing, Bitcoin is up over 17% on the day and is trading at $44,546.
Regarding stocks, the analyst says they also see good signs of BTC returning to $60,000.
“The rebound we saw the previous day was 3.36% higher than the previous close. If you calculate from the low, we have a gain of more than 7%.
The Invesco QQQ Trust, a popular Nasdaq gauge that’s a tradable ETF you can buy, rose to $345 from $318 a share. This is a significant move for the index, which is up almost 10%. Something incredible.”
Merten stressed that bouncing back in times of fear means the market is overcoming fear.
“This is a sign that the market is starting to dissipate fears, more buyers are coming in, they will start to take back control of the order book from the bears.”
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Author
A well-regarded analyst is digging into the Bitcoin chart to outline when BTC can reclaim $60,000 and resume its race to an all-time high (ATH).
In a new strategy session, Nicholas Merten to speak that BTC’s ability to withstand recent downward pressure and break above $40,000 bodes well.
“We are seeing consistent confidence in the price as buyers place bids high on the order book and push the bitcoin price down from the mid-$30,000s to around $39,000-$40,000.”
As BTC continues to establish bullish higher lows, Merten predicts that the next stop could be a retest of $60,000. Bitcoin has reached this threshold twice in the past year.
“It looks like BTC is setting the trajectory for a third try…
A third could be attractive for Bitcoin, which will retest around the mid-$60k region. Finally, there is the technical setup to fully break through and create a parabolic price for Bitcoin.
About $150,000 to $200,000 by the end of the year.”
Source: Nikolaus Merten
At the time of writing, Bitcoin is up over 17% on the day and is trading at $44,546.
Regarding stocks, the analyst says they also see good signs of BTC returning to $60,000.
“The rebound we saw the previous day was 3.36% higher than the previous close. If you calculate from the low, we have a gain of more than 7%.
The Invesco QQQ Trust, a popular Nasdaq gauge that’s a tradable ETF you can buy, rose to $345 from $318 a share. This is a significant move for the index, which is up almost 10%. Something incredible.”
Merten stressed that bouncing back in times of fear means the market is overcoming fear.
“This is a sign that the market is starting to dissipate fears, more buyers are coming in, they will start to take back control of the order book from the bears.”
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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