YouTube’s most popular crypto analyst says Bitcoin is on its way to $8,500.
In a new video, Nicholas Merten (aka DataDash) says he’s now a buyer as BTC “finally” moves through the correction he’s been looking for.
“Anything below $10,800 is a range where I feel comfortable averaging in, because generally speaking that’s about a 30% correction from the highs. And anything down towards 35% to 40% is something that I see as a great buy opportunity because I know historically that Bitcoin goes through 30% to 40% corrections.
And even throughout this whole year we hadn’t had one – we finally now have a correction in Bitcoin down to around 30% to 40%. It’s finally here. And the thing about this correction that I really like is that it’s not only a full-scale correction, but it’s actually taking its time as well. You want to have corrections that actually have nice sideways price action where we actually have cooldown periods in markets. Because this allows us to go higher in markets. It allows us to build foundations on previous resistance. And I think that’s exactly what we’re doing here.”
Merten says the fact that Bitcoin is correcting without huge selling volume is a big plus as the leading crypto carves out new levels of support.
“Even if we go down to around $8,500, which is going to be my big even target that I’m looking at here over the next two to three days, anything around $8,800 we’re making previous resistance support now. And this is good. You want to have these kinds of corrections. You want to see, for example, when it comes to these corrective periods that people aren’t selling like crazy. There’s no crazy sell-side volume that isn’t being matched to the buy-side volume. And right now, what this is basically building in mind, in the sense of market psychology, is that when you can build new support like this, this allows buyers to get confident that we really are building up for the next rally here.”