DataDash founder and crypto analyst Nicholas Merten says he believes Bitcoin (BTC) is now firmly in the early stages of a long-term bull cycle.
In a new video, Merten says that the BTC correction, which started in mid-August, is now over as Bitcoin has managed to stay above $10,000.
“I really think we’ve set in the relative bottom here, the higher low here, as we’ve been holding on this line of support and as we’ve clearly broken away from the line of resistance.”
With the local bottom in place, Merten now believes that Bitcoin will make its slow upward journey, during which the leading cryptocurrency will take its time to convert key resistances into supports.
According to Merten’s chart, Bitcoin is poised to print a new all-time high of at least $30,000 before the end of 2021.
“We’re going to break above our relative highs here from August. Come back up here. Retest $14,000. Get rejected. Make this range here support (roughly $12,000). This previous range of resistance, this is going to become new support.
We’re going to kick back up. Break above those June 2019 highs at $14,000. We’re going to come up here, test these slightly lower highs from the all-time high peak at around $17,000. Come down. Make $14,000 to $15,000 our new support. Come up here towards around $20,000. Get rejected. Come down to $17,000 and then we’re going to slowly break above to $23,000, $22,000 and then start to make $20,000 support. Then after that, the sky’s the limit. The cycle has started.”
Featured Image: Shutterstock/Tithi Luadthong