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Bitcoin (BTC) Is About To Give A Positive Surprise, According To A Top Cryptocurrency Analyst

Despite its low price, Merten believes Bitcoin will eventually rise.

Despite Bitcoin’s (BTC) recent poor performance, a well-known cryptocurrency analyst predicts that the world’s largest cryptocurrency by market capitalization will soon begin to turn things around.

A famous cryptocurrency expert, Nicholas Merten, recently stated on his YouTube channel that the top asset class has lately flashed a historical indicator, which is always followed by a price increase.

According to Merten, who has over 500,000 YouTube subscribers, Bitcoin’s recent price drop provided possibilities for numerous traders, resulting in an increase in trading activity.

Bitcoin’s spike in trade volume, according to Merten, has been utilized to predict trend reversals. Notably, the recent increase in Bitcoin volume mirrors events from March 2020 and May 2021, respectively.

Regardless of what crypto traders think of the asset class, Merten believes Bitcoin is on the verge of a comeback, which will help patient investors recoup their losses from recent weeks.

“Right now, it’s far more likely than not that we’ll see a major comeback in price, regaining a significant portion of the losses, rather than continuing to the downside.”

Credit is driving this market.

Is based on leverage. Long-term market players who take on a little more risk than they should are responsible for many of the significant upward and downturn movements.

This has amplified price rallies, market recoveries, and all the new all-time highs we’ve hit, but it’s also played a role in the dramatic 50 percent corrections we’ve seen many times before during this cycle. Merten stated, ”

Credit is driving this market. Is based on leverage. Long-term market players who take on a little more risk than they should are responsible for many of the significant upward and downturn movements.

This has amplified price rallies, market recoveries, and all the new all-time highs we’ve hit, but it’s also played a role in the dramatic 50 percent corrections we’ve seen many times before during this cycle. Merten stated, ”

Bitcoin has yet to bring a grin to investors’ faces. At press time, the asset class had lost 3% in the previous 24 hours, putting its price at $29,300.

Meanwhile, based on his previous experience with Bitcoin, Cardano founder Charles Hoskinson expressed the same sentiment earlier this month.

Bitcoin’s price dip is usually followed by a tremendous rally, according to Hoskinson, because patient investors will be suitably rewarded for holding on to the crypto.

Related: The Price of Bitcoin (BTC) Could Drop Below $30K, and Here is Why

The Heartz Team. 

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