Tag: Nicholas Merten

Corporations Will Arrive to Crypto Markets Faster Than You Expect: Analyst Nicholas Merten

by Dailyhodl

Crypto analyst Nicholas Merten says that corporate investment into the crypto markets could be the catalyst that carries Bitcoin (BTC), Ethereum (ETH), and the rest of the crypto markets out of their current slump.

In a new YouTube video, the DataDash host tells his 508,000 subscribers that corporate treasurers will save the crypto markets sooner than many might expect.

“Corporate treasurers… could be the catalyst that actually carries us out of this recent correction that we’ve had in December and January. I do believe we are going to see it faster than we may expect.”

Merten notes that corporate treasurers are pickier than the average investors when choosing their entry points. The analyst says that with crypto markets trading at a big discount from their all-time highs, the big corporate players may be looking to rotate into nascent space.

“Corporate treasurers are not going to buy at new all-time highs. They buy when assets are at discounts. They rotate assets in their balance sheet, whether it’s up, you know, just basically cash, buying it on a discount, or maybe, for example, their equity plays have been doing really well, and now, they’re going to lock in some of those gains and rotate to fixed income assets like bonds or treasuries. Or into a new asset class, like cryptocurrencies.

That’s how a corporate treasurer thinks. They do not buy at peaks in price, they buy at discounts when no one else is willing to buy because they know that it’s just like shopping – it’s going out and finding things that you like at a discount.”

The analyst says it’s highly significant that KPMG Canada recently added Bitcoin and Ethereum to their balance sheet. According to Merten, the Big 4 accounting firm’s move could set the precedent for more corporate giants to make similar decisions.

“That is a major move for crypto assets… To have a traditional company like KPMG now starting to showcase that they believe that Bitcoin and Ethereum are tokens worth putting on their balance sheet. And on top of that, they did a great example of showcasing how if companies were to be concerned about the carbon emissions tied to Bitcoin or Ethereum through proof-of-work mining, that you can buy carbon offsets… they showcased how a large institutional company can do this in a way that meets their goals and services as a probable asset for corporate treasures.

That’s great news.”

[embedded content]

I

Check 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/Trong Nguyen

Source

Tagged : / / / / / / / / / /

Fears of Rising Interest Rates Hurting Bitcoin Overblown: Crypto Analyst Nicholas Merten

by Dailyhodl

Crypto analyst Nicholas Merten says that interest rate hikes are unlikely to kill Bitcoin (BTC) and the digital asset markets.

In his latest YouTube update, Merten tells his 506,000 DataDash subscribers that increased interest rates could create short-term sell pressure, but likely won’t keep crypto down for long.

Merten notes that in  2015 when the Federal Reserve increased interest rates, Bitcoin still managed to rally from below $500 all the way to nearly $20,000 in 2018.

“Well, as we go across time on any given chart, this [when BTC was $500] is when the Fed started to increase interest rates. And this [when BTC was $11,000] is when the fed stopped increasing interest rates. 

Certainly, there was a bear market, in between, for crypto, for sure. 

But Bitcoin, during that period of time, went from around $477 all the way up to $11,000. And, if we’re really considering the peak price potential that it had during that period of time, it went all the way up to $20,000 practically. 

So Bitcoin did a 40x in market cap from about $500 to $20,000 during that period of time. And it’s still, by the time the Fed started lowering interest rates and reversing the trend, was sitting around $11-$12,000, give or take.”

Unlike many analysts, Merten says that current interest rate hikes don’t necessarily spell “doomsday” for the crypto markets.

It doesn’t sound like it killed Bitcoin by any degree, and not to mention, Bitcoin was a much smaller and more fragile market at that time. 

Again, some people may beg to differ and say that being a smaller market, it didn’t really get impacted, and stuff had more growth potential.

That’s a very fair point as well. But we can obviously see that this isn’t some doomsday scenario that killed crypto as an asset class, nor did it dramatically affect equities. Equities have their typical pullbacks, just like how any crypto asset does. But it continued to charter the new all-time highs.” 

Bitcoin is trading for $38,524 at time of writing, up 1.84% on the day.

[embedded content]

I

Check 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/Sensvector/Chuenmanuse

Source

Tagged : / / / / /

Analyst Nicholas Merten Makes Massive Late 2022 Bitcoin Prediction, Says Latest BTC Crash Setting Bull Run Foundation

by Dailyhodl

Crypto analyst Nicholas Merten projects Bitcoin (BTC) could rally nearly 7x by the end of the year despite current market conditions.

In his latest YouTube update, Merten tells his 502,000 DataDash subscribers that Bitcoin’s recent market cap crash to $600 billion will set the foundation for the next bull run.

“If you look at this on the expanding time frame, it looks pretty reasonable. And, on top of that, when we take a look at the BTC market cap, it’s really interesting here… If we take a look at the previous cycle peak and align it with the lows, this has been a pretty important range of contest.

If Bitcoin can hold here, at $600 billion, that’s going to set the foundation for Bitcoin to spring up over the next coming months.”

The crypto analyst reminds his viewers that all rallies come from corrections and are often spurred by big money buying BTC at heavily discounted market prices. Understanding how big players buy, according to Merten, is the key to navigating the highly volatile crypto markets.

“Rallies are formulated [and] nurtured by liquidations, by corrections, by fear… because the only way you’re going to see this [market cap] increase is by larger players, the smart money, in this case, coming in at the time that they come in. 

Well, when do they come in? They come in during peak fear. They buy discounts…

We gotta respect them for that. We talk so bad about the larger players, but, to be honest, we just need to understand how they work, and we can navigate this market really well.”

As for price predictions, Merten indicates on a chart that he foresees Bitcoin rallying to $200,000 in November 2022.

Image
Source: DataDash/YouTube

Bitcoin is trading at $34,656 at time of writing, down 2% over the last 24 hours, 20% over the last seven days and 32% over the last 30 days.

[embedded content]

I

Check 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/ParabolStudio/Chuenmanuse

Source

Tagged : / / / / / / /

Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely

by NEWSBTC

Bitcoin has now broken down past $38,000 for the first time in over four months. This is a crucial point for the digital asset given that it has successfully maintained its position above this level throughout all of the crashes and dips of the previous month. While most would like to think that this is only a temporary setback that will soon be resolved, analyst Nicholas Merten has warned investors to brace for even more volatility.

Prepare For Further Downside

In a recent video on his YouTube channel, Merten shared with his over 87K subscribers some gloomy analysis surrounding bitcoin. The analyst starts out by acknowledging what most have experienced in the market, believing that the recent rebound was a telltale sign of more upside to come. However, this could not have been more wrong as the digital asset has suffered even more dips following that.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Merten pointed out the fact that the gains realized from when bitcoin jumped from $41k to $44k have quickly faded and that there is not a lot of significant support ranges as the digital asset makes its way down with the downtrend.

He predicts some major volatility that will drag the price down to levels not seen in about a year. Comparing the market to that of May 2020, which would see the price fall to the $29,000 range. “It’s just likely at this point that we repeat what we saw back in May to some degree,” he said. “Having a correction down to this range [$29,000 to $30,000], getting people towards what I would define as max pain It basically defines the point of peak fear when everyone, even the bulls are convinced that we’re in a bear market.”

The analysts expect more downside to the tune of 20% to 30%, which would put the price of bitcoin at the range he predicts.

Get 110 USDT Futures Bonus for FREE!

Bitcoin price chart from TradingView.com

BTC crumbles below $37k for first time in four months | Source: BTCUSD on TradingView.com

Still Bullish On Bitcoin

The fact that Merten relayed such a gloomy diagnosis for bitcoin in the short term does not mean that the analyst is particularly bearish in the long term. He explained that despite the market showing bearish trends, he remains a bitcoin bull.

“We’ve been bearish in the short term over the past couple of weeks and we believe that there is still more downside to go, [but] I’m still a long-term bull.”

Related Reading | I Only Hold 1 Bitcoin, Real Vision CEO Raoul Pal Reveals

Additionally, Merten reiterates the fact that the market is still in a bull trend. Usually when prices start declining as fast as they are now, panic spreads across the space as most believe the bull market is over. For Mertern, this is not the case. He explains that just as a downward correction is likely, bitcoin could very well switch up and head towards the $150K to $200K range.

“I believe that we’re still in a bull market, not a bear market. It’s very likely that we could see this correction, but at the same time, it could be the catalyst to finally set ourselves up on the next uptrend and charter towards the $150k range, $200k range for Bitcoin.”

At the time of writing, bitcoin’s price is down 9.61% to be trading at $37,945.

Featured image from Medium, chart from TradingView.com

Source

Tagged : / / / / / / /

Crypto Market Needs ‘Final Flush’ Before Bearish Trend Can Reverse, Says Digital Asset Analyst Nicholas Merten

by Dailyhodl

Popular crypto analyst Nicholas Merten says that the crypto market is going through a long-term consolidation, but the position of top traders indicates that there will be a reversal at the end of a “final flush.”

In a new strategy session, Merten tells his 496,000 YouTube subscribers that top traders are generally bullish and that the price of crypto assets will eventually go up once fear subsides.

According to the crypto fear and greed index, market sentiment went from “fear” in December to “extreme fear” this month, which could spell trouble for over-leveraged traders.

“Even though the bearish sentiment is still present in the market, it’s very clear by most of the leading indicators [that] we need to see the final flush.

We need people to be at a position where they’re either getting liquidated out of their positions or they’re flipping the coin, they’re down in their excessively-leveraged long position.”

The trader says that deep-pocketed investors will take advantage of the bear market to ramp up their holdings while traders who take short positions may face a liquidation of their assets.

“As everyone’s piling into the shorts, as the short positions build up on the spot market, whales who like to buy real fiscal Bitcoin are going to buy heavy.

They’re going to drive the price higher and cause even more pain liquidations for the emotional traders. That’s how it works. 

Greener pastures rallies and prices are usually found in fear from emotional traders and investors. In the market, the emotional traders fuel the kind of price action that institutions like to buy.”

At time of writing, Bitcoin is down 5% on the day and losing the $40,000 support, currently trading at $39,673.12.

[embedded content]

I

Check 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/prodigital art/Natalia Siiatovskaia

Source

Tagged : / / / / / /

Crypto Analyst Nicholas Merten Predicts Dramatic Volatility for Bitcoin – Here’s His Target

by Dailyhodl

A popular crypto analyst says that Bitcoin (BTC) is likely to experience a significant price drop, but such a sell-off might be the catalyst that finally sends the leading crypto past $100,000.

In a new strategy session, Nicholas Merten tells his 495,000 YouTube subscribers that he remains optimistic about Bitcoin even while preparing to see red candles on the chart.

“We may be on the verge of a pretty harsh correction of over a 20% to 30% decline in Bitcoin’s price.

We’ve been bearish in the short term over the past couple of weeks and we believe that there is still more downside to go, [but] I’m still a long-term bull.

I believe that we’re still in a bull market, not a bear market… It’s very likely that we could see this correction, but at the same time, it could be the catalyst to finally set ourselves up on the next uptrend and charter towards the $150k range, $200k range for Bitcoin.”

The Data Dash host also warns that such a potential sell-off might be shockingly sudden.

“When the sell-off does come it’s not going to be this… slow but steady sell-off of lower highs, lower lows.

I really feel we’re going to get something quite dramatic.”

Source: Nicholas Merten/YouTube

Merten goes on to look at Bitcoin’s recent rally when it jumped from a January 10th low under $41,000 to briefly topping $44,000 two days later, before giving up most of those gains by the 14th.

“We did have a little bit of a rebound… that got some bulls very confident that this was the end of the selloff, that prices were going to recover.

Those gains have quickly faded, and it looks like this is not only going to be considered a dead-cat bounce in price, which means the price will roll over but when we roll back down here, there really aren’t many ranges of significant support.”

The analyst says that Bitcoin will probably retest levels last seen during the market crash in May of 2020.

“It’s just likely at this point… that we repeat what we saw back in May to some degree.

Having a correction down to this range [$29,000 to $30,000], getting people towards what I would define as max pain…

It basically defines the point of peak fear when everyone, even the bulls are convinced that we’re in a bear market.”

At time of writing, Bitcoin is down 1.65% and trading for $41,792.

[embedded content]

I

Check 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/mohammad_amin_baktash/Chuenmanuse

Source

Tagged : / / / / /

Ethereum Bears Are Wrong, According to Crypto Analyst Nicholas Merten – Here’s Why

by Dailyhodl

Crypto analyst Nicholas Merten says that Ethereum (ETH) is not entering a bear market despite being in a downtrend for nearly nine weeks.

In a new video, the host of DataDash tells his 492,000 YouTube subscribers that bearish sentiment centered around the leading smart contract platform is misplaced.

According to him, Ethereum’s technicals suggest ETH is only in a mid-cycle correction of an extended bull market.

“Right now what we’re seeing is probably another mid-cycle correction, just like the even heavier one we had back in May of 2021 – [a] 60% correction in 13 days. That wasn’t the bear market [and that correction] was much worse than the new correction we’re going through right now.”

Merten then says that Ethereum’s tokenomics structure which consistently burns ETH over time will take significant amounts of sell pressure off of the second-largest crypto asset by market cap, and act as a bullish catalyst.

“Ethereum, unlike Bitcoin which has a fixed supply at 21 million coins, will have the ability to be a deflationary asset, meaning that its supply will actually burn over time and decline.

Let’s just hypothetically say there’s a 100 million ETH today, and over time that would start to go down to 99 million, 98 million, 97 million, 96.5 million, it would start to go down over time so there’s going to be less in the circulating supply.

That is now possible because of two major dynamics that happened in 2021, and that has to do with the ETH2 staking contract as well as [the London upgrade].”

According to Merten, a bear market will only be evident once a euphoric, blow-off top scenario occurs, which he says is nowhere to be seen.

“With all these dynamics that are contracting supply, more and more for ETH, and with generally growing investor interest in ETH versus bearishness…how in any way can we be entering into a bear market?

We would need much greater sell-side pressure, we probably [would] need to find ourselves in a much more parabolic euphoric state where investable the punch bowl will be spilled over and the party will end, none of which we’ve seen so far.”

ETH is exchanging hands at $3,387 at time of writing, an 12.5% increase from its seven-day low of $3,011.

[embedded content]

Check 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/Tithi Luadthong

Source

Tagged : / / / / / /

Smart Money Will Buy the Fear Once Bitcoin Drops to This Level: Crypto Analyst Nicholas Merten

by Dailyhodl

Widely-followed crypto analyst Nicholas Merten says Bitcoin (BTC) will drop further, but smart money will end up catching it at lower prices and sending it on a huge rally.

In a new YouTube update, the DataDash channel host tells his 491,000 subscribers that the Bitcoin market is going through a “unique cycle.”

“We’re just going through our own unique cycle here, a market that’s driven by credit and leverage.”

Still, the crypto analyst offers some comfort during uncertain market conditions.

“And if you guys want a bit of comfort here as we’ve been seeing again Bitcoin coming down in price, I think what’s very realistic is that we’re going to come back down here towards around $600-$650 billion [BTC market cap size].”

Currently, the Bitcoin market cap is at $806 billion. A drop to $600 billion would represent a 25% dive, but Merten says the correction will ultimately be good for the market.

“And that’s going to allow us to establish a higher low either along this line of ascending support on top of the previous resistance point of the 2017 cycle, and/or possibly we might see it bounce sooner rather than later around the $650-$700 billion range.”

Image
Source: DataDash/YouTube

According to Merten, smart money buyers will be looking for an imminent Bitcoin bounce as a tremendous buy signal.

“Why would we see that? Because that is going to be the indication that the market is not entering into a bear market. In fact, smart money is going to come in and buy into the fear and drive prices higher into 2022.

That could very well happen.”

[embedded content]

I

Check 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/Chaosamran_Studio/Fotomay

Source

Tagged : / / / / /

Here’s Why ‘More Pain in the Streets’ Is Necessary for Crypto Markets, According to Analyst Nicholas Merten

by Dailyhodl

A popular crypto analyst says that predictions of a Bitcoin (BTC) euphoric rise or an epic crash are both unlikely and that BTC may need to experience some pain before it can reach new all-time highs.

In a new strategy session, Nicholas Merten tells his 489,000 YouTube subscribers that he does foresee Bitcoin achieving a valuation of $200,000 late next year, but not before further tests of crypto investors’ mettle.

“What we are likely going to get is a rally to $200k somewhere in late 2022, but before we get that there’s a very good chance that we could roll over, that this [recent rally] is nothing more than a dead-cat bounce and that we are going to have to see more pain in the streets.

We need to see more pain in the crypto markets before we move higher.”

The DataDash host takes a look at the monthly chart to support his claim that Bitcoin’s recent upward price action was more likely a “dead-cat bounce” than proof that a major rally had begun.

“If you look at various exchanges, different volume data, the volume and the pullback we’re seeing here is equitably on par with what we saw back on the long side.

In the daily, the vast majority of this supposed rally in price or major breakout has back pulled now, and just within a matter of a couple of hours.”

Source: Nicholas Merten (DataDash)/YouTube

Merten says that he’s not feeling bearish about the crypto markets. He cites one key metric from previous bull runs, indicating how and why Bitcoin will rise next year.

“I think we’re seeing right now is something that has happened before in Bitcoin’s history during this bull market. It is one of the defining factors as to how this market is operating, utilizing massive amounts of leverage in order to drive each and every wave of the cycle.

If you look at a lot of the on-chain metrics, if you look at the number of new wallet addresses on-chain, if you look at the amount of wallet addresses holding a certain amount of Bitcoin.

Most of these major market metrics are not indicative of a major new wave of users coming into the crypto space.

What’s really been driving these rallies in value are the leverage platforms.

Crypto borrowing and lending platforms where you can basically borrow stablecoins or dollars from your crypto assets…

And that has been a big reason why each and every time we revisit these general previous highs after a long extended consolidation period, we’re getting these major breakouts.”

Bitcoin has had a rocky month, falling off a cliff from over $57,000 to under $47,000 on December 3rd into the 4th. The leading crypto asset has since recaptured $50,000 several times but has been unable to hold that key level.

At time of writing, BTC is down 2.9% on the day to $46,743.

[embedded content]

I

Check 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/Tithi Luadthong/Natalia Siiatovskaia

Source

Tagged : / / / / / / /

Bitcoin Replaying Pattern From S&P 500, According to Crypto Analyst Nicholas Merten – Here’s His Target

by Dailyhodl

Closely followed crypto analyst Nicholas Merten says Bitcoin (BTC) could be mirroring a technical price pattern previously displayed in the S&P 500 index.

In a new strategy session, Merten tells his 488,000 YouTube subscribers that BTC may be following the same pattern that the S&P 500 went through between 2000 and 2008, but on a much smaller time frame.

Merten looks at how in 2008, the S&P 500 rallied to $1,500 before correcting all the way down to $770 and then repeated the entire process over the course of 4 years.

As the crypto markets correct in price, Merten says that institutions may be waiting for this pattern to play out before getting an optimal entry point.

“Institutions, big buyers who need to build massive positions, love no period better than the one when markets are quiet, kind of stagnant, they’re not feeling the euphoria, They love to buy during these discount opportunities. They enter in slowly, they buy into the fear. They’re the ones setting the bottoms here. 

I think that’s what we’re seeing here guys. I think we’re replaying history here from the S&P 500, in crypto markets. But instead of, we’re looking at monthly candles here, I’d say this is more of the weekly chart… Things happen a lot quicker in crypto because it’s a much smaller market.”

If the pattern plays out, Merten sees Bitcoin dropping approximately to the $30,000 level, before rebounding again and resuming an uptrend.

While the scenario may look grim, the crypto analyst says that it would be more of an opportunity than anything else.

“Even though I think that price is going to pull back here, this isn’t a reason to panic sell, step out of the market and run for the hills. In fact, it may be only the catalyst to set up a long-term accumulation pattern that will then allow for Bitcoin to regain market dominance, spring higher, and revisit that $150,000 to $100,000 level that we’re confident in enough. But outside of that as well, give altcoins a major opportunity to be able to start to instill even more market dominance than it has in this cycle.”

[embedded content]

Check 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/donatas1205

Source

Tagged : / / / /
Bitcoin (BTC) $ 26,245.03 0.49%
Ethereum (ETH) $ 1,599.16 1.00%
Litecoin (LTC) $ 63.51 0.62%
Bitcoin Cash (BCH) $ 226.68 6.45%