Analyst closely followed in the crypto world Nicholas Mertenshared his views on when Bitcoin will go on a rampage to recapture the $60,000 level and try to reach all-time highs.
Speaking at a new strategy session he published, Nicholas Merten told 511,000 YouTube subscribers that BTC’s ability to withstand the recent downward pressure and push back $40,000 is a good sign.
“We see an environment where buyers keep coming, increasing order orders, recovering the price of Bitcoin from mid-$30,000 lows to $40,000, and that creates an atmosphere of trust.”
Bitcoin (BTC)As Bitcoin continues to push higher lows setups, Merten thinks the next level Bitcoin will reach will be the $60,000 level it touched twice in the past year.
“It appears to be preparing the orbit for a third retry…
For the third time, it could be quite attractive for Bitcoin to test this overall range once again in the mid-$60,000 and finally have the technical setup to be able to fully climb and get a parabolic price for Bitcoin.
We could even be somewhere around $150,000 to $200,000 by the end of this year…”
At the time of writing, Bitcoin is up over 16% and is trading at $44,500.
Merten also emphasized that the jump in prices in times of fear means that the market has overcome the concerns.
“These are a major sign that the markets are starting to struggle with fear, with buyers starting to take back control of their order orders from the bears.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.