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
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.”
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