After dropping more than 15% analyst points to where Bitcoin price will go

The cryptocurrency market was surprised by a drop of more than 20% in the last 3 days. And while experts have said the decline is normal, investors are apprehensive.

Seeking to know the short-term movements of the cryptoactive, several analysts are looking at the charts and pointing out that, possibly, the correction is short-lived. Thus, the BTC should soon resume its bullish trend.

One such analyst is Nicholas Merten, widely known in the cryptoactives world. According to the analyst, he is not at all pessimistic about Bitcoin despite the recent correction.

To his 480,000 followers, Merten said he is “very optimistic” about the price of BTC, even in the “relative short term”.

However, he noted that Bitcoin needs to test a lower price range before it can rise again.

“In our scenario, ideally, we don’t actually fall below $55,000. We would like to see him stay above that range”, he pointed out.

Bitcoin

It is noteworthy that the recent drop was not enough to drop Bitcoin below US$ 55,000. The cryptocurrency traded at $55,600, but then rose 3% and returned to $57,000 at the time of writing.

Merten believes the BTC will remain in the $56,000 range, although he recognizes that the “worst case” could send the BTC down to test the $50,000 resistance range.

Despite this, he believes Bitcoin will return to its high price ranges sometime in January. It’s worth remembering that Bitcoin hit its highest record of $69,044.77 earlier this month.

Merten believes there will be another rally mid-cycle, sometime in the first quarter of 2022 or at the latest in the beginning of the second quarter. The analyst expects Bitcoin to start accumulating to $100,000.

See also  Legal, E-Commerce Owned by Djarum Group Acquires Ranch Market Rp 2.03 Trillion

“Not a crazy logic here, especially when we look at the logarithmic graph. No nonsense that it’s going to drop below $40,000. The graphs indicate that everything looks very much in line with what we should have expected: high”, concluded

Also Read: CryptoBlades Expands Ecosystem for Avalanche Blockchain

Also read: Synergy Land: what to expect from Solana’s next aRPG?

Also read: Kucoin to invest US$100 million in metaverse platforms with a focus on Latin America