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.
ICheck Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Kit8.net/Sensvector