According to cryptanalyst Nicholas Merten, there are three things that must happen before BTC can reach new price records.
3 growth conditions according to Nicholas Merten
Popular cryptoanalyst Nicholas Merten from DataDash talks about the main conditions, which will fire the price of BTC “for a month.” Many expect $ 100,000 per BTC unit by the end of the year, but for the cryptocurrency to get there at all, it must exceed the current maximum. This article will discuss the three conditions for the rise in the price of BTC for the new ATH.
We will only proceed from the opinions of Nicholas Merten. It should be mentioned that this is not an investment board and no one has a crystal ball to tell us if BTC will get there or even when. We’ll leave that to you. Are you interested in the three conditions of the new highs according to the founder of one of the largest cryptocurrency channels on YouTube? Here they are:
The first thing is to repeat the previous resistance around $ 43,500, now as a support level.
“It always happens that we test a certain amount of support several times. And the reason is that it’s a test of who has the lead. Are they bulls or bears? Are they buyers in this case? Are they buying more than the sales side? Or, on the contrary, does the pressure on the sales side outweigh the potential new buyers? ”
Waves on the way up
As for the second step, youtuber wants to see BTC start towave in the uptrend and set higher highs and higher lows after it solidifies new levels of support.
“Step number two is setting in higher minimum and higher maxima. Now it can happen at the same time as testing the scope of support, but it usually happens later, because we will test this line several times. “
The last step is also the goal.
“The third step, which may seem obvious, is not only the inevitable overcoming of wider relative maximum, but ultimately […] continuation of trend number two, when we set higher lows and higher highs and eventually overcome previous historical highs, ” Merten said:
“And the reason I talk about this third step as quite important is that it’s not an easy challenge. Breaking historical highs can generally take quite a long time. ”
So that’s the idea Merten about what must happen to achieve the new high of BTC. It’s simple, we have to retest support, create an uptrend and then go upstairs. It seems clear now to just implement the plan, doesn’t it?