Popular crypto analyst Nicholas Merten predicts a pullback ahead for bitcoin, while saying he’s bullish on the outlook for decentralized finance (DeFi) projects such as Ampleforth (AMPL).
Speaking in the latest episode of Data Dash, Merten said the current market is looking bearish for bitcoin in the near-term. While the analyst remains bullish on bitcoin’s long-term outlook, he predicted a pullback for BTC to $9000 as it tests the support of previous resistance.
He said,
What we’re seeing right now is something that I really kind of feared in a sense for Bitcoin. It’s not anything bad in the long term, it’s just something in the short term.
Merten called the pullback a “good thing,” noting it gives investors the opportunity to build a larger position in bitcoin. The prominent analyst reiterated his bullish stance on bitcoin’s long-term performance, comparing it to gold’s recent path to all-time highs.
He continued,
Gold had a very similar case…. A long term range, higher support levels, points of resistance, and what we see here is price breaking above that line of resistance, coming down and making it support, and then kicking off the next rally and breaking out to all time highs over the last year and a half.
Merten pointed investors to short-term opportunities in the DeFi market, saying that ampleforth (AMPL) would be a top performer during bitcoin’s pullback. He said AMPL and other top DeFi projects were beginning to make “major moves” and establishing bases for new price rallies.
He concluded,
I think it’s going to be a nice substantial run up here in market cap when we start to set higher highs and higher lows.
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