Famous trader and YouTuber, bitcoinHe said that the last rally of . The crypto trader has signaled that the bear market is not over.
Merten Advises Investors to Re-evaluate the Bitcoin Recovery Thesis
In the video below, Merten predicts, among other things:
“We are getting very close to the turning point where the price of Bitcoin may adjust for a short period of time where we will take a turn on the weekly timeframe on our key momentum indicator.”
Despite the previous correlation, crypto- The trader points out that Bitcoin is starting to overtake traditional stock markets.
The analyst states that Bitcoin is starting to lag behind the growth of Microsoft and Nvidia.
“Bitcoin has definitely made some good moves in the last few months. However, the question you need to ask yourself is whether this will continue. Even if you bought it in November and are considering buying it now, there’s one question you need to ask yourself. Will Bitcoin still remain the leading horse of the race?
“Because what we’ve seen here over the past few months is very similar to what we’ve seen in previous price movements. The same range that was previously used as support in the last bull market… It acts as resistance as it did in May.
“We didn’t even get to the upper band around $32,000 to $33,000, which many people set as their exit target. People constantly change their goals by keeping their expectations too high and in the end they do not make a profit.”
BTC Needs to Cross $27,600 to Move Up
What do other analysts say for the short term? According to Rekt Capital, bitcoinwhich was supposed to close above $27,600 at the end of last week, did not happen.
The analyst notes that this is another confirmation of a negative trend. He states that for Bitcoin to enter the bullish zone again, it must reach $27,600.