The crypto market is making efforts to recover following the latest price corrections. Stay tuned and check out more predictions about the prices of the most important digital assets.
New Bitcoin price prediciton
It’s been revealed that the popular crypto analyst Nicholas Merten says Bitcoin (BTC) could be mirroring a technical price pattern previously displayed in the S&P 500 index.
Merten said that BTC may be following the same pattern that the S&P 500 went through between 2000 and 2008. This is happening, as he says, but in a much smaller time frame.
Merten analyzes how in 2008, the S&P 500 rallied to $1,500 before correcting all the way down to $770 and then repeated the entire process over the course of 4 years.
As the crypto markets correct in price, Merten made sure to highlight the fact that institutions may be waiting for this pattern to play out before getting an optimal entry point.
“Institutions, big buyers who need to build massive positions, love no period better than the one when markets are quiet, kind of stagnant, they’re not feeling the euphoria, They love to buy during these discount opportunities. They enter in slowly, they buy into the fear. They’re the ones setting the bottoms here.”
He continued and said this:
“I think that’s what we’re seeing here guys. I think we’re replaying history here from the S&P 500, in crypto markets. But instead of, we’re looking at monthly candles here, I’d say this is more of the weekly chart… Things happen a lot quicker in crypto because it’s a much smaller market.”
If the pattern plays out, Merten said that Bitcoin would be dropping approximately to the $30,000 level, before rebounding again and resuming an uptrend.
The other day, we were revealing that analyst Willy Woo is addressing the situation of the crypto market these days. As you know by now, there’s been a strong correction taking place in the crypto market.