Crypto analyst Nicholas Merten believes Bitcoin (BTC) is poised for a significant decline.
Resistance at $71,500-$72,500
Merten highlights that Bitcoin has repeatedly failed to break above the $71,500-$72,500 resistance level. This suggests the presence of strong selling pressure.
Extended Consolidation at All-Time High
The analyst notes that Bitcoin has been consolidating at its previous all-time high of around $69,000 for over three months. This extended period of consolidation is a warning sign that large investors may be selling off their positions.
Whales Offloading Positions
Merten believes that “whales” (large investors) are taking advantage of the high prices to sell their Bitcoin. This is contributing to the downward pressure on the price.
Current Price and Outlook
At the time of writing, Bitcoin is trading at $67,845. Merten predicts a potential “flush down” in the coming weeks.
Disclaimer: This article is not intended as investment advice. Always do your own research before investing in cryptocurrencies.
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