In this text cryptocoin.com As crypto analyst Nicholas Merten, we will focus on what needs to happen for Bitcoin (BTC) to hit all-time highs. Popular crypto analyst Nicholas Merten of DataDash is looking for three key ingredients to accelerate Bitcoin’s rise to all-time highs.
What will happen with Bitcoin (BTC)?
In a recent Bitcoin update, Merten told 470,000 YouTube subscribers that Bitcoin (BTC) is trading near a significant bullish level. He said he expects the top coin to be at a price and resistance level around $43,500 before forming new highs. The analyst says:
The first thing we want to see here is multiple retests of this previous resistance line to consolidate as support… It always tends to test a particular support range multiple times. And that’s because it’s a test that shows who’s in control. Bulls or bears? In this case buyers? Are they getting more by the sale? Or vice versa, does the selling pressure outweigh the potential new buyers coming in?
As for step two, he wants to see Bitcoin begin to form higher lows and higher highs after solidifying new support levels. Analyst says:
The second step is to set higher lows and higher highs. Now this can happen at the same time we are testing the support range, but it usually happens later because we will be testing this line several times.
final stage When?
Finally, Merten is looking for a breakout where Bitcoin crosses the previous all-time high of $64,000 to see further. Continuing, the analyst says:
The third step I know not only inevitably breaks longer-term relative highs, but also continues the number two trend of adjusting higher lows and highs, which we will break above previous all-time highs. And the reason I mention this third step as a very important one is because it is not an easy challenge. Breaking all-time highs can often…take quite a long time.
Bitcoin harks back to November 2020, when it traded just under $20,000, the previous 2017 all-time high. The analyst highlights that BTC experienced multiple pullbacks for about a month before finally breaking out. As for the future, Merten predicts the end of this year or the beginning of 2022 for BTC to climb to all-time highs:
Generally speaking, we are looking for a potential break above all-time highs in December 2021 or January 2022. I think this is a reasonable time frame.
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