In a new DataDash installment, Merten identifies a key level that bulls should hold if they want to sustain BTC’s rise.
“If we break down below something like $56,000, I got to tell you guys, I think that that could very well be a sign that we’re ready for a pretty significant correction. But again, I don’t think we’re there just yet.”
Should a significant correction take place, Merten says that he doesn’t see BTC going through a period of long sideways consolidation.
“It’s a matter of whether or not those corporate treasurers continue acquiring, and I got to be honest, the way I’ve been seeing this market react, I used to have much more of this viewpoint about a longer-term correction. [But] I don’t see it. I really have a difficult time seeing that this is going to happen [with] the way that buyers have been coming into the market.”
“Do I think that this is the absolute peak for the market? No. I think that this line is going to be broken within this cycle. It’s going to be a bit of a new paradigm for crypto.”
At the time of writing, BTC is trading at $55,321 according to CoinGecko.
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