As you probably already know, Bitcoin is suffering a correction at the moment. The king coin is trading below $60k.
While some investors have been freaking out about all this, more crypto lovers know that this is the best time to buy the dip and accumulate more Satoshis.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $59,204.
Bitcoin correction is not over
Crypto analyst Nicholas Merten believes the current Bitcoin and crypto market correction is not over yet.
During a new episode of DataDash, Merten just said that he expects the overall crypto market cap value to continue moving to the downside.
“Where do I think we’re heading? I think we’re generally going to head towards the $2.4 trillion range [in total crypto market cap]. A full, nice, clean, 20% correction in market valuation.”
Merten said that this correction period could act as the framework for crypto’s next “super wave” rally that will be taking the whole crypto market significantly higher.
“We’re probably going to be zig-zagging around this range [roughly $2.59 trillion] and eventually setting up the framework for a breakout.”
He continued and explained the following:
“How long that’s going to take? I don’t know, specifically, and I don’t want to make any big, rampant calls on what’s going to happen here. I think this is the range here where you’d want to add in if you’re looking to average into the market and catch up some new positions before the next super wave within the crypto market.”
Bitcoin flashes bullish pattern
It’s been just revealed that there’s one crypto analyst who thinks that Bitcoin (BTC) is mirroring past rallies and could be on the verge of achieving massive gains.
The pseudonymous crypto market analyst is known as TechDev and said that BTC’s current technicals resemble its late 2020 structure when the king crypto consolidated below $20,000 before blasting off to $64,000.