Nicholas Merten says that the current market of crypto is in a consolidation state and will only recover after the ‘final flush’.
In a strategy session, Merten informed his YouTube subscribers that the price of the cryptocurrency will eventually go up once the fear subsides.
As per the data of greed index and crypto fear, market sentiment has gone from ‘fear’ to ‘extreme fear’ in just one month and this could be concerning for over-leveraged traders.
The trader also informed that big investors are going to make most of this slump, in the market, as they may look to stack holdings, and traders who have taken short positions will face the liquidation of their assets.
Whales looking to buy Bitcoin will drive the price higher and will cause more pain liquidation for emotional traders.
At the time of writing Bitcoin was trading at $39,076.72 and was down by 7.06% on the day after losing support at $40K.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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