Nicholas Merten predicts a major Bitcoin relief rally as sellers lose confidence
A prominent crypto expert anticipates a significant relief rally for Bitcoin (BTC) amid market uncertainty.
In a new strategy session, Nicholas Merten informs his 515,000 YouTube followers that more individuals are now eager to purchase Bitcoin, as sellers of the premier digital currency have been driven off the market.
“We do feel that a protracted bear market is still possible,” We do feel that the market will likely see a relief rally, similar to those that have occurred in the past, due to the fact that a large number of sellers have been driven out of the market.
The expert forecasts that Bitcoin’s price will climb by 42 percent, from its present level of $21,135 to a maximum of $30,000.
“If we can get the price above these moving averages and convert them into support, then we may see a significant move to the upside in the high $20,000 zone, between $25,000 and $30,000,”
According to Merten, the leading crypto asset by market capitalization has been trading sideways for the last month, and if it manages to break out of its current channel, it might be prepared for a sharp surge.
“I don’t want to be too bullish, but we might see a significant move here. The reason is that in May of 2022, we saw a similar month-long consolidation. We’ve seen almost a month of pricing stability.
Either of these channels had a large number[$30,000 and $20,000] of longs and shorts. If the price begins to move significantly in the other direction, particularly above this channel [$20,000], a large number of shorts from not just this channel [$21,000] but also this channel [$30,000] may incur huge losses… creating a major short squeeze to the upside.”
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