YouTube’s biggest crypto analyst believes that Bitcoin will rally to around $6,000 before the next dip. DataDash, a crypto analysis channel told his 300k subscribers he is bullish in the short term, because recent sell volume of BTC has not matched the buy volume that brought BTC price above $5,000 early this month.
“What I like is, even though there was a pretty sharp sell-off here, we can see that a steady amount of sell volume in the sense of price, was nowhere near the buy. We were actually able to come back up and was close to $5,000 and we’ve continued to regain some of those losses.”
Merten the owner of DataDash channel says he believes continued speculation could bring BTC to $6,000 in less than two weeks.
“The time frame for going to $6,000 could be by the end of this month. Current Bitcoin situation tells me two things. First, it tells me that there is short-term confidence and risk but at the same time, this will get over exhausted. We could make support roughly, by looking at the RSI. And that tells me in the short term there will be continued speculation.”
Because of Bitcoin’s psychological barrier of $6,000 of 2018, Merten says that line will be very difficult for bulls to break through in the short term. Merten is waiting for Bitcoin dipping to a third higher low in the next two months.
“I don’t think we’re going to have enough substantial risk taking, especially with not only how quick this rally has been but also with where we are fundamentally in markets, to rise above $6,000. I know a lot of people want this to happen, I just honestly don’t see it happening.
As we all know, previous resistance will become new support, and previous support will become new resistance. There was a support for full previous year, which is not happy news for the bulls. It’s going to be extremely difficult to test past this range. So I think the price will rise up to around $5,800, $6,000, and come back down and set a third higher low, possibly somewhere around $3,700 to $3,800, in May or June.
I’m looking for the price to come down to the support or hold on previous resistance. It will be ideal time to buy here as well, if price falls back down to even this support line at $4,200.