A popular crypto analyst is optimistic about the future price action of Bitcoin (BTC) despite the recent drop. In a new YouTube video, DataDash host Nicholas Merten says that Bitcoin’s recent crash isn’t the whole story. As Kriptokoin.com, we are giving the details…
Nicholas Merten, quoted the Bitcoin comments
In terms of the market, Merten, who thinks that what pulls the Bitcoin price down is the issue of people selling their BTC in the market, people who trade short or He states that one way or another, whales may have stimulated the market. Merten later said that Bitcoin prices could drop further, possibly 25 percent more than current levels in the worst-case scenario. The analyst uses the following phrases:
We really have a shot here and I will say more here than I thought we might have misunderstood. Prices can fall into this range [about $30,000]. I think this is the worst case scenario for crypto here, we would be back in this consolidation range.
Even if BTC falls in the $30,000 range, Merten says investors shouldn’t panic and sell their holdings. He states that although there is a pullback to the $30,000-35,000 range, there is no reason to sell your cryptos and underlines that a rally is seen soon. Saying that we were “a bit spoiled” in March and April 2021, when Dogecoin went to the moon and everything rose, Merten said, “Everything was very exciting, glorious and magnificent, nothing could go wrong, crypto was on the agenda. Now everyone is worried about the Fed’s statements, geopolitical conflicts and stock markets are pulling back…” he says.
The overall trend is up
Everyone can give you different perspectives, but one of the best things you can do is do historical analysis when it comes to crypto. We are in a place that shows a potential buying opportunity or holding phase. He also thinks it would be best to set your expectations to be balanced. Whether BTC continues to drop or not, the DataDash server says the overall trend is still up and uses the following statements:
As we enter April and May, we believe we can start to revisit all-time highs. We can continue here for a while while trying to close the gap in the short term.
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