Crypto YouTuber and Analyst Nicholas Merten has given an insightful take on whether or not we are at mid cycle high on Bitcoin or we are just getting started.
“Over the last twenty-four hours, we can see that the vast majority of Cryptocurrencies are in no trend scenario, most which still are trying to point down to its negative territory. Bitcoin and Ethereum are starting to fade off some of their recent all time highs”
“Most Cryptocurrencies are starting to fare worse and again some coins are still holding strong here in the broad or altcoins space these are mainly DeFi players for example Alpha, Uniswap, 0x(ZRX), AAVE, Compound(Comp)”.
“Let’s talk about the time frame[price action] no one looks at and that’s the monthly. This is your kind of institutional investor kind of chart where big money is watching this case and they are looking to see about consistency with previous cycles”.
“We have had some great volume expansion [Past 4 months] but this monthly candle here[January] is a bad set up[Long extended wicks] generally in candle patterns. Its showcasing that a lot of the upward movement in the month faded by the end of the month. It’s a very bearish signal that things are probably over exuberant, the price ran way too quick for the market likeness”.
He added the two consecutive red wicks on a weekly after a almost near vertical price action is generally a bearish chart overall, says we are waiting to see here[current and lower range] whether or not we can find some kind of base support around $29,000 and $28,000.
Nicholas says the chart doesnt look good on monthly and weekly analysis but this doesn’t mean that he is bearish on Bitcoin with the daily chart speaking for the bulls as potential opportunity for a serious reversal back up to the upside.
Marathon Patent Group Inc(MARA) one of the largest enterprise Bitcoin self-mining companies in North America acquisition and investment of $150 Million in Bitcoin is a very exciting news that helps set price demand, Nicholas Merten added.