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DataDash founder and crypto analyst Nicholas Merten says he believes Bitcoin (BTC) is now firmly in the early stages of a long-term bull cycle.
In a new video, Merten says that the Bitcoin correction, which started in mid-August, is now over as BTC has managed to stay above $10,000.
“I really think we’ve set in the relative bottom here, the higher low here, as we’ve been holding on this line of support and as we’ve clearly broken away from the line of resistance.”
With the local bottom in place, Merten now believes that Bitcoin will make its slow upward journey, during which the leading cryptocurrency will take its time to convert key resistances into supports.
According to Merten’s chart, Bitcoin is poised to print a new all-time high of at least $30,000 before the end of 2021.
“We’re going to break above our relative highs here from August. Come back up here. Retest $14,000. Get rejected. Make this range here support (roughly $12,000). This previous range of resistance, this is going to become new support.
We’re going to kick back up. Break above those June 2019 highs at $14,000. We’re going to come up here, test these slightly lower highs from the all-time high peak at around $17,000. Come down. Make $14,000 to $15,000 our new support.
Come up here towards around $20,000. Get rejected. Come down to $17,000 and then we’re going to slowly break above to $23,000, $22,000 and then start to make $20,000 support. Then after that, the sky’s the limit. The cycle has started.”
In other trending Bitcoin News today:
Bitcoin to Soon Form Signal Last Seen Prior to 2,000% Rally in 2017
Bitcoin has undergone a strong rally over the past few months. From the March lows, the cryptocurrency has gained over 200%, rallying from $3,500 to $11,700 now.
While already impressive, the coin is about to form a pivotal buying signal that may suggest more upside is likely.
The signal in question last formed when the cryptocurrency was trading under $1,000 at the end of 2016, prior to the 2017 exponential rally.
According to data from Crypto Quant shared by a crypto-asset analyst, Bitcoin is about to form a long-term buying signal.
The signal is the Miners Reserve, which tracks the BTC reserves of entities tied to mining pools.
According to the chart, the indicator is poised to undergo a positive crossover, with the short-term moving average crossing below the long-term moving average.
This signal is important as it was last seen at the end of 2016, prior to Bitcoin’s 2,000% rally in 2017.
This signal also preceded two other macro rallies that brought BTC exponentially higher.
The same trader pointed to a swath of other on-chain trends showing that the long-term trend is favoring bulls.
Fundamental trends favor Bitcoin bulls, analysts say.
Macro investor Raoul Pal recently said in an interview with publication Stansberry Research that Bitcoin is likely to reach a price of $1 million in the coming five years.
He thinks that investment by institutional players will drive the cryptocurrency this far to the upside:
“Just from what I know from all of the institutions, all of the people I speak to, there is an enormous wall of money coming into this. It’s an enormous wall of money — just the pipes aren’t there to allow people to do it yet, and that’s coming. But it’s on everybody’s radar, and there’s a lot of smart people working on it.”
Pal has said that he thinks Bitcoin may be the best investment in existence right now due to macro trends.
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Show Notes / Resources:
$btc $btcusd #BTC
OK, so @cryptoquant_com is doing a closed beta and I’m lucky enough to be able to test it.
Let’s make a Big thread right here to connect Onchain Analysis & Technical Analysis
Is $btc in a bull market or what ?
1/x
— Coiner-Yadox (@Yodaskk) October 17, 2020
Bitcoin to Soon Form Signal Last Seen Prior to 2,000% Rally in 2017
https://cointelegraph.com/news/bitcoin-price-nears-final-hurdle-at-12k-before-bull-market-euphoria
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