Nicholas Merten Projects Bitcoin At $70K, If It Can Break $50K Resistance

According to a widely followed crypto analyst, Nicholas Merten, Bitcoin (BTC) is likely rising to $70,000, assuming it can overcome a key hurdle at $50,000.

In a recent video update, the analyst shared with his 514K subscribers on YouTube BTC is at the moment looking at a key resistance to break around $48,000 and $50,000 area.

Merten projects that Bitcoin keeps hovering at the existing levels for until mid-late April before attempting to take out key resistance at $50,000 levels.

“All the while I would love for the price to just go vertical tomorrow, we’re probably going to see price starting to continue retest this range, break above there, start to have some consolidation, might be even little bit of volatility, it might even break to $50,000 and break resistance there. The key point I want to focus on is that price is probably going to chop sideways for a lot of April before we can start to see a trend higher…

The key point I want to talk about is the importance, significance and the benefit of turning resistance into support. It solidifies, it sends a message that the trend is no longer one to be skeptical of or conflicted about, that the bulls are in charge. They’ve turned any points of setbacks into new support and they’re ready to leap higher in price.”

Howver, in short term, the analyst notes that a BTC correction could happen. He draws the key support line at $45,000 to hold in order to maintain the bullish momentum.

“It might be that we are probably ready for a little bit of a pullback here, maybe to make one of these ranges like $45,000 new support, or here around $44,000 where price generally consolidated multiple times. That could very well happen.”

At the time of writing, BTC trades at $47,304, up 10% on the weekly chart.