Well-known crypto analyst Nicholas Merten mapped the possible price action of the leading cryptocurrency as Bitcoin fell below $ 60,000.
$ 56,000 is very critical for Bitcoin
In a new DataDash episode, Merten identifies a key level the bulls must hold if they want to keep BTC up.
“If we go below $ 56,000, I have to tell you it could be a sign that we are ready for a pretty significant correction. But still, I don’t think we’re there yet. ”
Merten says that if there is a significant correction, BTC will not go through a long period of horizontal consolidation.
“It’s a matter of whether corporate treasures continue to acquire, and to be honest, as I’ve seen the reaction of this market, I had a lot more of this perspective on a long-term fix. But I really have a hard time seeing this happen with the way buyers enter the market. ”
“We are not close to the top yet”
With or without correction, Merten says he believes Bitcoin is not yet close to the top, although the leading crypto asset is about to touch the resistance of the logarithmic growth curve.
“Do I think this is the absolute top for the market? No. I think this line will break in this cycle. It will be a slightly new paradigm for crypto. ”
According to CoinGecko, BTC is trading at $ 55,321 at the time of this writing.