Popular crypto analyst Nicholas Merten says despite the crypto asset’s recent price correction Bitcoin (BTC) stated that it is not on a downward trend.
Sharing his analysis on his YouTube channel with more than 480,000 followers. Nicholas MertenHe stated that he is “very optimistic” about BTC price even in the “relatively short-term”. Still, Bitcoin may probably have to test a lower price range before it can move higher, he commented.
“Our ideal scenario would be that we don’t really go below $55,000. It’s important to see it’s above that range.”
Bitcoin is currently trading at $56,817 and is down about 7% in the last 24 hours.
Merten believes that BTC will hold in the $56,000 range, but thinks that the “worst case scenario” could be a drop to those levels to test the $50,000 resistance range.
The analyst is still optimistic for the next few months and predicts that BTC will return to higher price ranges at some point in January. Bitcoin had hit an all-time high of $69,044.77 earlier this month.
Merten also stated that there will be another mid-cycle rally in the first quarter of 2022, or at the latest in the early second quarter. Merten also reiterated that he still expects Bitcoin to start rising towards $100,000.
“There’s no point even asking a ‘crazy question’ here, especially when we look at the logarithmic graph… This seems pretty much in line with what we should expect.”
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.