Popular crypto analyst Nicholas Merten says Bitcoin is in the middle of a push to $70,000, with one critical resistance level left in play.
In a new strategy session, Merten tells his 514,000 YouTube subscribers that Bitcoin is currently facing a big point of resistance between the $48,000 and $50,000 range.
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The analyst predicts that BTC puts up a fight at current levels for the better part of next month before making its next attempt at convincingly shattering the $50,000 range.
“All the while I would love for the price to just go vertical tomorrow, we’re probably going to see price starting to continue retest this range, break above there, start to have some consolidation, might be even little bit of volatility, it might even break to $50,000 and break resistance there. The key point I want to focus on is that price is probably going to chop sideways for a lot of April before we can start to see a trend higher…
The key point I want to talk about is the importance, significance and the benefit of turning resistance into support. It solidifies, it sends a message that the trend is no longer one to be skeptical of or conflicted about, that the bulls are in charge. They’ve turned any points of setbacks into new support and they’re ready to leap higher in price.”
In the shorter term, Merten thinks a correction is in the cards for BTC. He sees $45,000 as the main support level to keep a bullish thesis strong.
“It might be that we are probably ready for a little bit of a pullback here, maybe to make one of these ranges like $45,000 new support, or here around $44,000 where price generally consolidated multiple times. That could very well happen.”
At time of writing, Bitcoin is trading for $47,257, up 11% in the last week and steady on the day.
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