Nicholas Merten Looks Into BTC And Reveals His Huge Year End Target
A top crypto market analyst, Nicholas Merten is looking into Bitcoin (BTC) charts map out when the leading crypto asset could reclaim $60,000 level and push to new all-time highs.
In a recent video update, Merten shared with the 511K subscribers to his YouTube channel that Bitcoin has held really well under pressure recently and that BTC reclaiming $40,000 is definitely a positive sign.
“We’ve been seeing consistent confidence in price where buyers are coming in, bidding up the order book, driving Bitcoin’s price from this low-bound rage in the mid-$30,000 dollar range up towards around $39,000 to $40,000.”
The analyst projects that BTC’s next hurdle could be at $60,000 area, as it keeps making bullish higher lows. Over the past 12 months Bitcoin has twice been above $60,000. Merten also reveals his bullish year end target levels for Bitcoin.
“It looks like it’s setting up for the trajectory to have a third reattempt…
The third time may be the charm for Bitcoin, that we would get another retest of this general range around the mid-$60,000 range and eventually have the technical setup to be able to completely climb through and get a parabolic price for Bitcoin.
Somewhere around $150,000 to $200,000 by the end of this year.”
At time of writing, BTC is trading at $44,026, up 15.4% on the weekly trading window.
Looking into equity markets and how they reflect Bitcoin’s uptrend, Merten is also reading positive signals that would further indicate BTC moving up to $60K range.
“The rebound we saw the other day was an over 3.36% move in regards to the previous close. If you take into account from the lows, we’re talking about an over 7% move.
The (Invesco QQQ Trust), a broad measurement of the Nasdaq, tradable ETF you can purchase, went from $318 per share up to $345. A major move for the index, pressing up against an almost 10% rally.
This is incredible stuff.”
The analyst also discusses how markets move when investors overcome fear.
“These are a sign that markets are starting to tackle the fear, that there are buyers coming in who are going to start taking control of the order book back from the bears.”
