Smart Money Will Buy the Fear Once Bitcoin Drops to This Level: Crypto Analyst Nicholas Merten
https://ift.tt/3Fi89Yc
Widely-followed crypto analyst Nicholas Merten says Bitcoin (BTC) will drop further, but smart money will end up catching it at lower prices and sending it on a huge rally.
In a new YouTube update, the DataDash channel host tells his 491,000 subscribers that the Bitcoin market is going through a “unique cycle.”
“We’re just going through our own unique cycle here, a market that’s driven by credit and leverage.”
Still, the crypto analyst offers some comfort during uncertain market conditions.
“And if you guys want a bit of comfort here as we’ve been seeing again Bitcoin coming down in price, I think what’s very realistic is that we’re going to come back down here towards around $600-$650 billion [BTC market cap size].”
Currently, the Bitcoin market cap is at $806 billion. A drop to $600 billion would represent a 25% dive, but Merten says the correction will ultimately be good for the market.
“And that’s going to allow us to establish a higher low either along this line of ascending support on top of the previous resistance point of the 2017 cycle, and/or possibly we might see it bounce sooner rather than later around the $650-$700 billion range.”
According to Merten, smart money buyers will be looking for an imminent Bitcoin bounce as a tremendous buy signal.
“Why would we see that? Because that is going to be the indication that the market is not entering into a bear market. In fact, smart money is going to come in and buy into the fear and drive prices higher into 2022.
That could very well happen.”
I
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Chaosamran_Studio/Fotomay
Cryptocurrency
