YouTube’s biggest crypto analyst says there could be more pain for traders in the coming days.
After briefly crossing $13,000 on Wednesday, Nicholas Merten says Bitcoin may now be at the start of another 20-40% retracement.
“In order for me to get bullish yet again and start averaging in my next position, I’m going to have to either wait until we get back above [$12,800] or I’m going to be waiting for it to come down around this range towards the low $10,000’s.
If we break through $10,000, if we can’t solidify support here for a few hours, then I’m going to be averaging another position down here around the $9,000 range. Because that’s going to lead us down to 35%. I really don’t see us getting a 40% correction as much as I’d like to see it, but I do think we could possibly set, as we have over here, a third final low down in this range. I think that would make sense. It’s in line with three previous lower lows here and we would be continuing that trend.”
Merten says Bitcoin has been more difficult to predict than ever in its current market cycle, but he believes that will change if Bitcoin breaks through its all-time high at $20,000.
“I’m not trying to trade Bitcoin. I want to be very clear to you all. I honestly have gotten to the point where in this rally it’s becoming a lot less predictable than previous rallies. I think that in this kind of trend especially, until we get past $20K, that’s when the trend gets a lot easier to confirm, when the even levels really matter a lot more. I’m just going to be looking to average in.