Prominent crypto analyst Nicholas Merten is mapping out Bitcoin’s possible price movement as the leading crypto asset falls below $60,000.
In a new DataDash installment, Merten identifies a key level that bulls should hold if they want to sustain BTC’s rise.
“If we break down below something like $56,000, I got to tell you guys, I think that that could very well be a sign that we’re ready for a pretty significant correction. But again, I don’t think we’re there just yet.”
Should a significant correction take place, Merten says that he doesn’t see BTC going through a period of long sideways consolidation.
“It’s a matter of whether or not those corporate treasurers continue acquiring, and I got to be honest, the way I’ve been seeing this market react, I used to have much more of this viewpoint about a longer-term correction. [But] I don’t see it. I really have a difficult time seeing that this is going to happen [with] the way that buyers have been coming into the market.”
Correction or not, Merten says he believes Bitcoin isn’t even close to the top yet even though the leading crypto asset is about to touch the resistance of the logarithmic growth curve.
“Do I think that this is the absolute peak for the market? No. I think that this line is going to be broken within this cycle. It’s going to be a bit of a new paradigm for crypto.”
At the time of writing, BTC is trading at $55,321 according to CoinGecko.
Disclaimer: Opinions expressed at cryptotrade247.eu are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. cryptotrade247.eu does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is cryptotrade247.eu an investment advisor. Please note that cryptotrade247.eu participates in affiliate marketing.
Featured Image: Shutterstock/Sergey Nivens