Popular crypto analyst Nicholas Merten said that Bitcoin is on its way to a parabolic recovery. A widely followed crypto analyst has been researching Bitcoin (BTC) charts to determine when BTC may recapture the $60,000 level and continue to run to all-time highs.
When will Bitcoin push 60k?
In a recent strategy session, Nicholas Merten tells 511,000 YouTube subscribers that BTC’s ability to withstand the recent downward pressure and regain $40,000 is a good sign. “We see consistent confidence in prices as buyers come in, increase the order book, pushing the price of Bitcoin from this low-limited rage in the middle of $30,000 to about $39-40,000,” the analyst says. As BTC continues to push higher lows setups higher, Merten predicts that Bitcoin’s next stop could be to retest the $60,000 level that Bitcoin touched twice last year. The analyst says:
It seems to set the trajectory for a third retry… For the third time, it could be a source of strength for Bitcoin that we test this overall range once again around mid-$60,000 and have the technical setup for Bitcoin to eventually climb all the way up and get a parabolic price. It’s somewhere around $150,000 to $200,000 by the end of this year.
Is the new ATH possible?
At the time of writing, Bitcoin is up over 14% and was trading above $43,000. Continuing the stock markets, the analyst says that they are also showing positive signs for BTC’s return to $ 60,000. The analyst’s views on the subject are as follows:
The recovery we saw the other day was a move above 3.36% compared to the previous close. If you factor in bottoms, we’re talking about a movement of over 7%. It went from $318 to $345 per share, a broad measure of the Nasdaq, the tradable ETF you can buy. A big move for the index pressing against a nearly 10% rally. This is incredible.
Merten emphasizes that jumping prices in times of fear means that the market has overcome its anxiety. “These are a sign that the markets are starting to deal with fear, there are buyers who will start to take back control of the order book from the bears,” the analyst says.