Reading time: ~2 m
Cryptocurrency analyst Nicholas Merten believes that the BTC rate will not repeat the low last seen last summer.
In his opinion, the BTC rate may decline, but is unlikely to fall to $30,000:
“Many people are wondering if there will be a sell-off, which will result in a collapse of bitcoin to $30,000. I believe that although there is a chance to roll back by $1,000 or a little more, I don’t see such a deep decline”
Merten noted that the decrease in the supply of BTC, as well as the trend towards making higher lows, are deterrents from a serious drop:
“Bitcoin has consistently set higher lows over time. Some believe that the rate will simply fall back to the area around $30,000. But given the reduction in supply, it is unlikely that this will happen.
In addition, the number of bitcoin holders who hold it for 1 year or longer is growing, reducing the supply of the asset:
“According to the data, there is a growing number of people who hold bitcoin for 1 year or longer. In the past, this reduction in supply has been the cause of a bull market or mid-cycle rally.”
Merten believes that in a few weeks, bitcoin will outperform the stock market indices in terms of profitability:
“I believe it will happen in May or June. In the summer, bitcoin has a good chance of a serious increase, as a result of which it will be possible to significantly outperform the S&P 500 and Nasdaq in terms of profitability.
#Analyst #advises #hope #collapse #bitcoin