A widely followed crypto analyst is digging into the Bitcoin (BTC) charts to plot out when BTC might recapture the $60,000 level and keep running to new all-time highs.
In a new strategy session, Nicholas Merten tells his 511,000 YouTube subscribers that BTC’s recent ability to withstand downward pressure and push back past $40,000 is a good sign.
“We’ve been seeing consistent confidence in price where buyers are coming in, bidding up the order book, driving Bitcoin’s price from this low-bound rage in the mid-$30,000 dollar range up towards around $39- to $40,000.”
As BTC continues to print bullish higher low setups, Merten predicts Bitcoin’s next stop could be to retest the $60,000 level, which Bitcoin touched twice in the past year.
“It looks like it’s setting up for the trajectory to have a third reattempt…
The third time may be the charm for Bitcoin, that we would get another retest of this general range around the mid-$60,000 range and eventually have the technical setup to be able to completely climb through and get a parabolic price for Bitcoin.
Somewhere around $150,000 to $200,000 by the end of this year.”
At time of writing, Bitcoin is up over 14% and trading for $43,000.
Moving on to equity markets, the analyst says they’re also showing signs that bode well for BTC’s return to $60,000.
“The rebound we saw the other day was an over 3.36% move in regards to the previous close. If you take into account from the lows, we’re talking about an over 7% move.
The [Invesco QQQ Trust], a broad measurement of the Nasdaq, tradable ETF you can purchase, went from $318 per share up to $345. A major move for the index, pressing up against an almost 10% rally.
This is incredible stuff.”
Merten highlights that when prices bounce during times of fear, that means the market is overcoming its anxiety.
“These are a sign that markets are starting to tackle the fear, that there are buyers coming in who are going to start taking control of the order book back from the bears.”
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Source: https://dailyhodl.com/2022/03/01/crypto-analyst-nicholas-merten-says-bitcoin-on-track-for-parabolic-recovery-heres-his-target/