Closely followed crypto analyst Nicholas Merten says that market conditions have reached a point that an unexpected relief bounce that liquidates Bitcoin bears is becoming more likely.
He says that the BTC major moving averages are pointing towards a relief rally to about the $30,000 range.
“We rallied all the way from $29,000 to $53,000 [in July 2021]. To put that into perspective, in a matter of just a few weeks, or simply put, less than months, we saw an 80% move in Bitcoin’s price. Am I calling for that exactly? No, what I am calling for is for us to come up and to retest this previous consolidative range [$30,000].”
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