Bitcoin Bulls Are Leading The Way, Crypto Analyst Says | CryptoGazette
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It’s been just revealed that the Bitcoin bulls are leading the way these days in the crypto market, despite massive volatility. Check out the latest reports about new predictions on BTC price.
It’s been just revealed that the crypto analyst Nicholas Merten says that Bitcoin is flashing signs of an upcoming rally and that BTC bulls are set to overtake bears.
In a new strategy session, he made sure to explain that Bitcoin is not in a bear market and that we shouldn’t be fooled by the top crypto by Bitcoin’s stagnant price action.
“There’s a really interesting technical pattern going on and this is a signal that the bulls are in the lead. Don’t let the sideways consolidation we’ve been in get you fooled that this is somehow a bear market.”
He continued and said:
“I want to be very clear with you guys, a bear market in crypto historically is an over 50% correction, likely somewhere in the 70%, 80%, 90% range. That’s what a bear market is for an exponential asset like crypto.”
Bitcoin’s recent lows
The strategist pointed to Bitcoin’s most recent higher lows and to the ways in which they relate back to the king coin’s highs set in 2017 as evidence that a potential rally is in the works.
It’s also important to note the fact that Merten says he sees BTC reaching an overall market cap of $4 trillion by late this year, putting its value at about $200,000, roughly 385% away from current prices.
“What we actually find that this ask we have here, this idea that Bitcoin could potentially rally up to $4 trillion sometime in October, November, to December of 2022, what we’re really asking for is just a 220% return from the previous all-time highs.”
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $42,090.
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