Popular crypto analyst Nicholas MertenHe said that Bitcoin is in the middle of a journey towards $70,000, with one critical resistance level remaining in the game.
In a new strategy post, Merten told 514,000 YouTube subscribers that Bitcoin is currently 48,000 to $50,000 He said he faced a major resistance point between them.
The analyst predicts that BTC will struggle at current levels for most of the next month before making its next move to break the $50,000 range.
“By the way, I would love for the price to go vertical tomorrow. We’ll probably see price start to retest this range, break above it, start consolidating a bit, there might even be some volatility, break $50,000 and the resistance there. The key point I want to focus on is that the price will likely move sideways throughout April before we start to see a higher trend…
The key point I want to talk about is the importance, meaning and usefulness of turning resistance into support. This is solidifying, sending a message that the trend is no longer skeptical or contradictory, the responsibility lies with the bulls. (The bulls) have turned any point of failure into new support and are poised to rise in price.”
In the short term, Merten thinks there is a correction in the charts for BTC. Also as the main support level to keep the bullish thesis strong. for $45,000 draws attention.
“We’re probably ready to pull back a bit here… This (retreat) could very well be.”
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