Bitcoin is doing great today, and the whole crypto market is looking better. At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $48,062.28.
It’s been just revealed that crypto analyst Nicholas Merten of DataDash is looking for three key components that can fuel Bitcoin’s bull run towards new ATHs.
3 triggers for BTC’s price
Check out what the analyst had to say:
“The first thing we wanna see here is multiple retests of this previous line of resistance in order to solidify as support…”
He continued and said the following:
“It always tends to be that we test a certain range of support multiple times. And the reason for this is because it’s a test between who’s in charge. Is it the bulls or the bears? Is it the buyers in this case? Are they buying more than the sell-side? Or vice versa, is the sell-side pressure outweighing any potential new buyers coming in?”
Secondly, he said that he wants to see Bitcoin begin forming higher lows and higher highs after it solidifies new support levels.
“Step number two is setting in higher lows and higher highs. Now, this can happen simultaneously with testing the support range, but it’s usually going to happen afterward because we’re gonna be testing this line multiple times.”
And thirdly, Merten is looking for a breakout past Bitcoin’s previous all-time high of $64,000 to see more bullish moves towards new ATHs.
He said that this third step is “only inevitably breaking past the broader-term relative highs, but eventually setting up the stage and continuing trend number two of setting those higher lows and higher highs where we eventually break above the previous all-time highs.”
He also said that this could take a while longer.