Despite the pessimistic environment around crypto assets, Nichloas Merten thinks buyers will soon take over sellers.
Crypto market went through a heavy downturn when it experienced massive sell-offs of cryptocurrencies. Now many experts and analysts believe that the critical phase of digital assets sell-off will come to an end soon. One such person is popular YouTuber and crypto analyst – Nicholas Merten – who anticipated a major bitcoin relief rally to take place.
On 15th July, Merten brought a new strategy session on his YouTube channel – DataDash – and told his 515K subscribers that now more people are showing interest towards buying bitcoin. He said this is due to the sellers of bitcoin leaving the market.
Merten said that although there are chances of an extended bear market to take place, still they believe that a relief rally is likely to take place in the market. Since it happened in the past, it can happen again. This is due to the simple fact that bitcoin sellers are forced out from the wider crypto market. He said that now there are high chances to see more buyers rather than sellers at current prices.
Merten made predictions that bitcoin may rally from its current trading price of $21,135 to a high of $30,000 while recording an increase of about 42%. He said that if anyhow buyers get the price beyond the moving averages and then turn them into new support, then there are possibilities of a major move on upside. This could be somewhere in the upper range of $20,000, anywhere between $25,000 to $30,000.
According to the crypto analyst, the flagship cryptocurrency was moving sideways – without showing any movement upwards – for a month now. He believes that if bitcoin anyhow manages to recover and break out its current channel then it could certainly make a straight up rally.
Merten also said that there can be a serious move given the month-long period that bitcoin took for consolidation. He said that similar consolidation patterns are clearly visible here.
Source: https://www.thecoinrepublic.com/2022/07/17/analyst-nicholas-merten-hopes-major-bitcoin-relief-rally-to-show-up-soon/