bt-crow.com
46 m
Reading time: ~ 1 m
Cryptocurrency analyst Nicholas Merten believes that Bitcoin will continue to fall, but eventually it will be bought off at a lower rate and a rapid rally will begin.
According to him, the bitcoin market is going through a unique cycle:
“Bitcoin goes through a unique cycle. His market is driven by borrowed funds and leverage. “
The analyst assumes a further decrease in the capitalization of bitcoin:
“As bitcoin declines, its capitalization will have to return to the $ 600 – $ 650 billion range.”
Now the market capitalization of bitcoin is just above $ 800 billion, that is, its decline to $ 600 billion means a drop of 25%. But Merten is confident that such a correction will benefit the market:
“Such a decline would provide an opportunity to set a higher low along the upward support line on top of the previous resistance point of the 2017 cycle, or an earlier rebound near the $ 650 – $ 700 billion cap range is possible.”
According to Merten, smart investors will expect a Bitcoin bounce as the optimal buy signal:
“Why watch this situation? Because it will be a sign that the bear market has not started. Smart money will come in, make a purchase amid market fear, and catalyze the 2022 rally. This scenario is very likely “
#Crypto #analyst #named #level #bitcoin #fall
