Crypto Analyst Predicts Unexpected Bitcoin (BTC) Rally That Fakes Out Bears Heres His Target

Cryptographic analyst Nicholas Melten, who is closely followed, said market conditions are prone to the unexpected bounce of bailouts to liquidate Bitcoin bears.

In the latest news on the new market, DataDash hosts tell 515,000 YouTube subscribers that BTC will be able to bounce most bears in the same way as in July 2021. increase.

He says Bitcoin’s major moving average is heading for a bailout rally to the range of about $ 30,000.

“We have rebounded from $ 29,000 to $ 53,000. [in July 2021].. Looking at it, Bitcoin prices fluctuated by 80% in just a few weeks, or simply months. Am I asking for it exactly?No, what I want is for us to get up and retest this previous scope of integration [$30,000]..

There is no big resistance point here, and the moving average goes straight down to this point. Bitcoin now retests this range and provides the perfect setup to see if it can interact with these moving averages …

Many wouldn’t think it could happen.You will be amazed at how relief rallies can reach worse levels, especially in the markets there. [are] Excessive amount of derivatives. “

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Marten hopes to recover bailouts from BTC in the short term, but analysts are still paying attention to the possibility that the top crypto assets by market capitalization have not yet reached their absolute bottom.

According to strategists, the macro situation is still putting pressure on the digital asset market.

“Many people think this is the absolute bottom of June 18th. And to be honest, I understand where many of them come from. We’re obviously here. We experienced a very dramatic sold out, and there was a great rebound in it, and we really washed away a lot of leverage and a lot of excess credit that people used to borrow cryptocurrencies to guess. rice field…

I know why people think this is the absolute bottom, but the reality that the macro environment is still valid cannot be ignored. Even if it returns to this range, long-term capital allocation to cryptocurrencies will be curtailed. “

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