Crypto analyst and DataDash host Nicholas Merten says Bitcoin (BTC) will hit new all-time highs sooner than most traders think.
In a new DataDash YouTube update, Merten pasakoja his 514,000 subscribers that BTC will retest $65,000 much faster than most anticipate, with underlying fundamental developments fueling the move.
“It’s going to happen much much quicker than people will think here for Bitcoin to be able to retest back up to this range [$65k]. It just takes a little more Bitcoin being moved with the market, slightly more confident price action than what we had back here back a couple months ago in the first quarter of 2022, and a good catalyst for a couple of institutional investors to buy some positions, even retail traders, and boom, you start seeing prices get back up to $65k really quick…
Potentially even setting in a third new significant all-time high since back in 2021 where we’ve had these kinds of zig-zagging, mid-cycle corrections, mid-cycle rallies… and I think this time we can see Bitcoin get back above that range and set new all-time highs but on top of that make that previous resistance range of higher highs, make that into new support.”
Merten foresees Bitcoin flipping $65k from resistance to support and using that support to boost itself to previously unseen levels before the end of the year.
“What we generally see here, as we’ve had drawn on the chart for some time, is that after we go through this May rally, even if we get a slight pullback here in the middle of the month, we would still continue higher here, get well up here towards around $75-90k for Bitcoin’s price, come down and make that support, and going from August or Septemeber, really starting to charter into November and December, up towards around $150-$200k.”
Bitcoin is trading for $45,825 at time of writing, down 1.5% over the last day.
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Source: https://dailyhodl.com/2022/04/04/bitcoin-about-to-break-all-time-highs-quicker-than-traders-think-says-analyst-nicholas-merten-heres-why/