Will Bitcoin Selling Continue? Crypto analyst Nicholas Merten analyzes the way forward for BTC

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Popular crypto analyst Nicholas Merten is not bearish on Bitcoin (BTC) despite the recent price correction of the crypto asset.

Merten tells his 481,000 YouTube subscribers that he is “very bullish” on the price of BTC, even in the “relatively short term”. Still, he says Bitcoin probably needs to test a lower price range before it can resume its advance.

“Our ideal scenario is that we don’t really go below $ 55,000. We would like it to stay above that range.

Bitcoin is trading at $ 56,817.56 at the time of writing. It has fallen by almost 7% in the past 24 hours.

Merten believes BTC will hold in the $ 56,000 range, although he acknowledges that the “worst case scenario” could send the largest crypto asset by market cap down to test the $ 50,000 resistance range.

The analyst is still bullish for the next few months, predicting that BTC will return to its high price ranges at some point in January. Bitcoin hit an all-time high of $ 69,044.77 earlier this month.

Merten believes there will be another mid-cycle rally at some point in the first quarter of 2022 or, at the latest, at the start of the second quarter. The analyst expects Bitcoin to start rising to $ 100,000.

“Not even a crazy question here, especially when you look at the logarithmic graph. Seems pretty consistent with what we should expect.

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Featured Image: Shutterstock / Tithi Luadthong / AM511

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