Famous cryptocurrency analyst Nicholas Merten analyzes the possible next movement of Bitcoin’s price on the chart. In the new version of the program DataDash identified a key level that the bulls should defend if they want to keep the BTC up.
Nicholas Merten explains what to do next with the BTC rate
The analyst has now set a key level on the chart that will determine the future of the BTC rate.
– If we go down below [pułapu] $ 56,000, (…) I think this could be a sign that we are ready for quite a big correction. But again: I don’t think we’re at this stage – He said.
Whether or not the said correction occurs, Merten claims that Bitcoin has not yet reached its ATH in this cycle.
– Do I think the absolute top for the market [jest za nami]? No. I think this line will be broken in this cycle. This will be a bit of a new paradigm for cryptocurrencies – added.
At the time of writing, BTC costs $ 56,177, or about 3.7%. more than yesterday and at the same time approx. 5 percent. more than 7 days ago. ETH is doing just as well, for which you should pay $ 1,786. This is the same as the week before, but 1.6 percent. more than 24 hours ago.
When will the bubble burst?
Today, more and more analysts and investors from the cryptocurrency market are wondering when the current boom will end. Opinions are divided. Cezary Graf, an estate advisor, suggests that there has been a very good time to sell Bitcoin for some time.
The $ 35,000- $ 70,000 range is very attractive for cryptocurrency profit taking.
– Cezary Graf (@CezaryGraf) March 12, 2021
Trader 21, the creator of the Independent Trader portal, also speaks in a similar vein. In one of the last interviews he admitted that determining the top of the bubble is insanely difficult. He himself, however, reduces his positions to ETH.
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