YouTube’s biggest crypto analyst says global political events and macro factors may continue to push Bitcoin higher.
Using data from previous market cycles, Nicholas Merten (aka DataDash) has previously predicted a Bitcoin rise to about $10,000 followed by a 40% drop. Now, Merten says the big dip might not materialize due to external forces like the US-China trade war and Hong Kong protests.
“As much as I would love to see this pullback to $6K, it might be that the macro environment right now is not shaping up for that correction – that it is going to allow us to keep up this wild trend that we’ve seen over the last few weeks – where Bitcoin has just been on an absolute tear across the board, where we’ve started to see Bitcoin go back at the same pace that it was during November and December [of 2017]. It doesn’t even seem as if we’re in a full-scale bull market. But if you just look at the chart, even logarithmically, it’s just absolutely breathtaking how it’s been able to move here.
So we’ll have to see what happens over the next few days because the risk-to-reward profile in the short term doesn’t seem very favorable to a lot of people. But the thing is that most of you out there aren’t investing for the short term and you might not want to pinch pennies down here. I’ll say that from experience. I’ve done that before in markets, I’ve done it here in crypto as I’ve closed my position around $8,600 to $8,700. We might not want to get too greedy and try to hope for a correction because if there’s simple demand and this market is as small as it is, valuations can move quick.
And as much as it might look weird on the chart, it might look game breaking in a sense to how Bitcoin usually acts. Bitcoin’s a wild monster. It will move the way it needs to no matter what it is. If there is a need for liquidity to exit out of traditional systems as a hedge, Bitcoin will be that store of value. It will be that place that capital can fly to and people are willing to take that risk of volatility and the potential to lose a little money. Because Bitcoin, historically, it goes up. Higher lows and it’s always blowing away the competition. The best performing financial asset this year. A practical 3x from the lows. You just can’t get better than that.”
Right now, the crypto market is in the red. Bitcoin is down 2.47% at $9,048 according to COIN360. Ethereum is down 3.13% at $264.38, XRP is down 1.22% at $0.4235 and Litecoin is down 0.05% at $133.65.
Technical analysts at large are highlighting major resistance for Bitcoin at $9,400 while tracking key levels for altcoins.
FXStreet – BTC/USD surge hits the brake pedal at $9,400
Coinspeaker – Ethereum price may retest $258 demand level
FXStreet – Another blow for the price in $270-280 range
XRP, Litecoin, Bitcoin Cash, Stellar