Crypto analyst Nicholas Merten has said Bitcoin not falling below $30k was a better price-performance than anticipated
Merten also predicted Bitcoin price could reach $200k by November
Crypto analyst Nicholas Merten has reviewed his Bitcoin price targets, evaluating the path the world’s largest digital asset is likely to follow in the coming months.
Speaking during a recent episode on his YouTube channel, Merten observed that Bitcoin’s progressive fall from an all-time high of 69k last November to less than half that price point (as low as $33,500) towards the end of January was not as bad as it could have gotten.
The DataDash host observed that the token could have plunged below $30k, but traders have increasingly begun buying the dip much faster. He explained that traders are hardly waiting for sideways consolidation hence driving Bitcoin’s price higher.
“To see since back here in January, since the discount revisited this range, that we aren’t getting any close retests down to $30,000 or $25,000 as a lot of people were kind of taking a perspective on. We’re seeing instead that buyers are coming in at higher premiums and they’re buying up the dips quite quickly.”
Further, Merten opined that Bitcoin’s ability to hold and the fact that it readily bounced back above $40k means the token could surge back into the territory of all-time high prices in the next two months.
“…it might mean that over the next coming weeks, we could really be back into [the] territory of where we’re revisiting back towards this previous resistance range [$65,000], the previous all-time highs.”
Long term projections
As far as long-term forecasts are concerned, the crypto analyst observed that the market has consistently been seeing higher lows and higher highs. Merten pointed out that the price levels defined at the current and previous all-time highs showed increased prices; $64,854 in April 2021, to which $4,000 was gained to the next high.
Regarding markets recovering from the January dump, he stated that while some investors decided to wait out in anticipation of absolutely low prices, ‘smart money’ bulls chose to start buying in early, not to risk the next rally skidding past them. He added that these optimists are actually acquiring Bitcoin at a much faster rate.
Though he expects the BTC price to recede at some point, the pullback shouldn’t be as significant as late last year’s since the market is getting more and more solid.
Merten additionally opined that Bitcoin should define a major rally as it gains technical strength, envisioning it could pass $100k and even double that price point by November.
“That’s our target. We’ve been talking about Bitcoin reaching $150k, $200k in that time frame.”