Popular crypto analyst Nicholas Merten is not bearish on Bitcoin (BTC) despite the crypto asset’s recent price correction.
Merten tells his 481,000 YouTube subscribers that he’s “very optimistic” on BTC’s price, even in the “relative short term.” Still, he does say that Bitcoin probably needs to test a lower price range before it can resume moving upwards.
“Our ideal scenario is for us to not really go down below $55,000. We would like to see it hold above that range.”
Bitcoin is trading at $56,817.56 at time of writing. It’s down nearly 7% in the past 24 hours.
Merten believes BTC will hold out in the $56,000 range, though he acknowledges the “worst-case scenario” could send the largest crypto asset by market cap barreling down to test the $50,000 resistance range.
The analyst is still optimistic about the next few months, predicting BTC will get back up to its high price ranges at some point in January. Bitcoin surged to its all-time high of $69,044.77 earlier this month.
Merten thinks there will be another mid-cycle rally at some point in Q1 of 2022 or, at the latest, by early Q2. The analyst expects Bitcoin will start to build up towards $100,000.
“Not even a crazy ask here, especially when we take a look at the logarithmic chart. This seems pretty in line with what we should expect.”
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Featured Image: Shutterstock/Tithi Luadthong/AM511
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