Analyst Says Bitcoin (BTC) & Crypto Bear Market Is Just In Time – Here’s Why
Closely followed analyst Nicholas Merten says that Bitcoin (BTC) and crypto markets are only at the beginning of an extended bear cycle.
In a new strategy session, the host of DataDash tells its 515,000 YouTube subscribers that other markets are already starting to signal that an unfavorable macro environment is unfolding, which will inherently weigh on digital assets.
“Commodities are starting to tick higher, the dollar index is starting to turn higher, and on top of that, the bond market is starting to price in continued increases in the federal funds rate. The stock markets were living in a fairy tale and in reality the markets are not ready to sustain a bull market because of the rate of inflation.”
While a short-term bounce could emerge for Bitcoin and perhaps Ethereum (ETH), Merten says the higher prices we saw earlier this month will turn into resistance pushing BTC and ETH back to lower levels and into a more prolonged bear market.
“I wouldn’t be surprised if maybe in the short term we get a rebound here in the 4-hour time frame for Bitcoin and Ethereum to potentially see if we can get back above [$24,000] and instead begin to use these areas as resistance.
It’s something to keep in mind that we might get a short-term uptick here from this series, but I don’t think you’re coming back in this series guys. I don’t think it’s going to get any better than it was over the last few weeks before a much longer period, and a lot more corrections to the downside.”
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