Successful crypto analyst Nicholas Merten shares the October, November and December levels marked by a technical formation and pattern that triggered Bitcoin bulls in previous rallies. We have compiled the details of Merten’s Youtube video dated February 11th for the readers of Kriptokoin.com…
“Bitcoin is far from a bear market”
In his recent Youtube broadcast, Merten stated that Bitcoin is not in a bear market and that the leading crypto is not in a bear market. reported that investors should not be mistaken with the last fixed price movement. The analyst thinks we are still a long way from the bear market:
There is a pretty cool technical pattern going on right now, which is an indication that the bulls are in control. Don’t be fooled by the side consolidation we’re in, thinking it’s a bear market. To be clear: traditionally, a bear market in crypto is defined as a drop of more than 50%, most commonly in the area of 70%, 80% or 90%. That’s the bear market for an exponential crypto like Bitcoin.
Analyst examines previous bull cycles
As evidence of a possible rally, Merten hits Bitcoin’s latest lows and their king crypto’s highs in 2017.
From the beginning here we’ve seen a shaky start to 2021 and a shaky start to 2022, interestingly, considering the previous local peaks, not only are they pretty consistent with each other, we set new HL levels. In December 2017, as you go through each of these lows, you’ll notice they line up each time.
Analyst shares the sources of the optimistic outlook:
BTC buyers are flocking and turning past resistance into rising support, a strong indication that we will not set any lower lows. The ups seem pretty steady… The lows are increasing. Buyers are paying a premium here, suggesting that the market may be ready to continue on its uptrend.
Nicholas Merten shares his October, November and December forecasts
Later this year, Merten says BTC will have a market cap of $4 trillion and based on current pricing He believes it will be worth over $200,000, up 385%:
What we’ve really discovered is this question we have here is the thought that Bitcoin could go up to $4 trillion in October, November or December of 2022, really just a 220% return from previous ATH levels. The rally before the previous ATH level was 392%. Before that there was a 359% movement and now in much shorter timeframes than we would like.
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