Popular crypto analyst Nicholas Merten is not bearish on Bitcoin (BTC) despite the crypto asset’s recent price correction.
Merten tells his 481,000 YouTube subscribers that he’s “very optimistic” on BTC’s price, even in the “relative short term.” Still, he does say that Bitcoin probably needs to test a lower price range before it can resume moving upwards.
“Our ideal scenario is for us to not really go down below $55,000. We would like to see it hold above that range.”
Bitcoin is trading at $56,817.56 at time of writing. It’s down nearly 7% in the past 24 hours.
Merten believes BTC will hold out in the $56,000 range, though he acknowledges the “worst-case scenario” could send the largest crypto asset by market cap barreling down