Crypto analyst Nicholas Merten is leaning bearish on Bitcoin (BTC) as the flagship crypto asset hovers around the $94,000 price tag.
In a new video update, the host of DataDash tells his 510,000 YouTube subscribers that he is expecting Bitcoin to undergo a “major collapse” over the coming two weeks.
“Bitcoin is starting to showcase not only really worrying signs with its price action, we are obviously seeing altcoins follow as well. And even macro recessionary indicators starting to flare up in a significant way.”
According to Merten, the 21-day exponential moving average (EMA) – which had previously acted as a support level – is now acting as a resistance zone for the crypto king.
Consequently, the analyst warns that Bitcoin could now plunge below the $80,000 price.
“If we essentially are treating the 21-day [EMA] resistance, we’re looking for our next major moving average pairing as potential support. And the earliest that we’re going to probably reach there is probably the 100-day [EMA] which is down here at around $85,000…
So somewhere in the low $80,000 range. If that doesn’t hold, then we’re likely moving to the 200-day [EMA] which is down at around $76,000.”
Merten goes on to note that a Bitcoin correction would be devastating for altcoins.
“I’m not saying that this is the end of the world here but I am saying that this is a pretty significant correction where we could be seeing, from a top to bottom analysis, probably a 25% to 30% pullback…
That’s not something that would be the end of the world but it’s going to be a pretty bad situation for altcoins.”
Bitcoin is trading at $93,824 at time of writing.
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