A widely followed crypto analyst is digging into the Bitcoin (BTC) charts to plot out when BTC might recapture the $60,000 level and keep running to new all-time highs.
In a new strategy session, Nicholas Merten tells his 511,000 YouTube subscribers that BTC’s recent ability to withstand downward pressure and push back past $40,000 is a good sign.
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“We’ve been seeing consistent confidence in price where buyers are coming in, bidding up the order book, driving Bitcoin’s price from this low-bound rage in the mid-$30,000 dollar range up towards around $39- to $40,000.”
As BTC continues to print bullish higher low setups, Merten predicts Bitcoin’s next stop could be to retest the $60,000 level, which Bitcoin touched twice in the past year.
“It looks like it’s setting up for the trajectory to have a third reattempt…
The third time may be the charm for Bitcoin, that we would get another retest of this general range around the mid-$60,000 range and eventually have the technical setup to be able to completely climb through and get a parabolic price for Bitcoin.
Somewhere around $150,000 to $200,000 by the end of this year.”
At time of writing, Bitcoin is up over 14% and trading for $43,000.
Moving on to equity markets, the analyst says they’re also showing signs that bode well for BTC’s return to $60,000.
“The rebound we saw the other day was an over 3.36% move in regards to the previous close. If you take into account from the lows, we’re talking about an over 7% move.
The [Invesco QQQ Trust], a broad measurement of the Nasdaq, tradable ETF you can purchase, went from $318 per share up to $345. A major move for the index, pressing up against an almost 10% rally.
This is incredible stuff.”
Merten highlights that when prices bounce during times of fear, that means the market is overcoming its anxiety.
“These are a sign that markets are starting to tackle the fear, that there are buyers coming in who are going to start taking control of the order book back from the bears.”
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.
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