Popular crypto analyst Nicholas Merten said that Bitcoin is on the path of parabolic recovery. A widely followed crypto analyst has been researching Bitcoin (BTC) charts to determine when BTC may recapture the $60,000 level and continue to run to all-time highs. Details are on Kriptokoin.com.
When will Bitcoin push 60 thousand?
In a recent strategy session, Nicholas Merten tells 511,000 YouTube subscribers that BTC’s ability to withstand recent downward pressure and reclaim $40,000 is a good sign. “We see consistent confidence in prices as buyers come in, increase the order book, pushing the price of Bitcoin from this low-limited rage in the mid-$30,000 range to about $39-40,000,” the analyst says. As BTC continues to push higher lows setups higher, Merten predicts that Bitcoin’s next stop could be to retest the $60,000 level that Bitcoin touched twice last year. The analyst says:
It looks like it is preparing the trajectory for a third retry… For the third time, we have to test this overall range once again around mid-$60,000 and finally have the technical setup to fully climb up and get a parabolic price for Bitcoin. Being us can be a source of strength for Bitcoin. It’s somewhere around $150,000 to $200,000 by the end of this year.
New ATH possible?
At the time of writing, Bitcoin was up over 14% and was trading above $43,000. Continuing the stock markets, the analyst says that they are also showing good signs for BTC’s return to $ 60,000. The analyst’s views on the subject are as follows:
The recovery we saw the other day was above 3.36% compared to the previous close. If you factor in bottoms, we’re talking about a movement of over 7%. It went from $318 to $345 per share, a broad measure of the Nasdaq, the tradable ETF you can buy. A big move for the index pressing against a nearly 10% rally. This is incredible.
Merten emphasizes that jumping prices in times of fear means that the market has overcome its anxiety. “These are a sign that the markets are starting to deal with fear, there are buyers who will start to take back control of the order book from the bears,” the analyst says.
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