Crypto Analyst Predicts Unexpected Bitcoin (BTC) Rally That Simulates Bears – Here’s His Target
Closely followed crypto analyst Nicholas Merten says market conditions have reached a point where an unexpected relief bounce that liquidates Bitcoin bears is becoming more likely.
In a new market update, the host of DataDash tells his 515,000 YouTube subscribers that just like in July 2021, BTC could pull off a rebound that surprises most bears.
He says Bitcoin’s major moving averages are pointing to a relief rally around $30,000.
“We went from $29,000 to $53,000 [in July 2021]. To put that into perspective, in just a few weeks, or just less than months, we saw an 80% change in the price of Bitcoin. Is that exactly what I call? No, what I’m asking is that we go back and retest this previous consolidation range [$30,000].
There are no significant resistance points here, and the moving averages come straight to that point where that gives us a perfect setup for Bitcoin to move up and retest that range here, and see if it can interact with those moving averages …
Many people will not think this can happen. You’d be surprised how exacerbated relief rallies can get, especially in a market where there are [are] excessive amounts of by-products.
While Merten expects a rally in BTC in the near term, the analyst remains cautious that the best crypto asset by market capitalization may not have hit its all-time low yet.
According to the strategist, macro conditions are still weighing on the digital asset market.
“A lot of people think it’s the absolute low here on June 18th. And to be honest, I understand where a lot of them are coming from. We’ve clearly had a very dramatic sell-off here, and a nice rebound at that. , plus we really eliminated a lot of the leverage and a lot of the excessive credit that people had used to borrow cryptocurrencies to speculate…
I understand why people might think this is the absolute bottom, but you can’t ignore the reality that the macro environment is still in effect. This will still remove the long-term capital allocation for cryptocurrencies if we break back into this range.
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