dailyhodl.com
Crypto analyst and trader Nicholas Merten is analyzing Bitcoin’s long-term trajectory.
Merten tells his 453,000 YouTube subscribers that BTC is now pressing up on a well-established resistance level, and he’s looking to buy the dip.
“It does hold significance and no wonder Bitcoin is facing some resistance. Again, we pressed this since March during this time period… But we talked about that this is not a terrible thing.”
As for Bitcoin’s current market trend, the DataDash founder believes that Bitcoin is consolidating in preparation for the next phase of its bull market.
“As much as we’re expecting Bitcoin to possibly go sideways for a little while and possibly go to lower price ranges than where it’s at now, we believe that this is a cycle midpoint.”
Cycle midpoint is where, generally speaking, you have a rally in this case. You set a pretty significant top for the next weeks or months and then after that, you start to continue that cycle and really set in an official market top for the overall cycle.”
Merten also shares some key fundamental and technical reasons why he believes the top for Bitcoin is not yet in.
“I don’t believe guys that in this era of massive money printing and also as crypto generally grows as a new alternative asset class, that Bitcoin $65,000 would be the top. I don’t think a simple, a little over 3x from the all-time highs back in 2017 is enough for this cycle. In previous cycles, we’ve seen much larger gains. From the previous 2013 high to here in 2017, we made a 1,500% leap up. Just to compare it here, this is the market peak: we’ve only got up about 236%.”