Closely followed crypto analyst Nicholas Merten says that Bitcoin (BTC) could fail its next support level test before soaring to new heights.
In a new strategy session, the host of DataDash tells his 489,000 YouTube subscribers that even though the short-term outlook of Bitcoin may appear strong to some, they should expect BTC to dip below the $35,000 range before skyrocketing during spring 2022.
“I think most people who do technical analysis would show you after multiple trading days of retesting [the $45,000 range], we’ve got a rising level of support, and that’s great.
But to be honest, we had our first major bounce off, not setting a higher low…
That’s really not a good sign.
That’s why I’m feeling incredibly confident, even though we had this drawback a couple of weeks ago, that [it’s] going to play out here in the next couple of days where we break below the trend line on a failed means to be able to make support, and that’s probably going to lead us – we don’t really have much reason not to at this point – to come down towards the [$30,000-$35,000 range] and consolidate for a little while.”
According to Merten, BTC should then kick off a recovery phase that sees the top crypto reaching new all-time highs next year.
“The long-term trend, it’s optimistic.
We’re building high foundational support right at an ascending range of support with a previous range of resistance…
In the long-term, this is setting up that springing foundation where we can really start to [see a] leapfrog in valuation for BTC, where [the] market cap can start to set in those higher lows and really start to trend higher going into 2022 to reach a price target of $150,000-200,000, giving Bitcoin a multi-trillion-dollar valuation.”
Bitcoin is exchanging hands at $47,500 at time of writing, an 8.5% decrease from its seven-day high of $51,885.
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