Crypto analyst Nicholas Merten is predicting a significant Bitcoin price drop in the next two weeks. He shared this bearish outlook with his over 500,000 YouTube subscribers.
Worrying Signs for Bitcoin
Merten points to several factors fueling his prediction. He highlights concerning price action in Bitcoin, similar trends in altcoins, and growing concerns about a potential macro recession. He’s particularly worried about the 21-day exponential moving average (EMA), which has shifted from a support level to a resistance level.
Potential Price Targets
Merten believes Bitcoin could fall below $80,000. If the 100-day EMA (around $85,000) fails to provide support, he sees a further drop to the 200-day EMA, near $76,000.
Impact on Altcoins
Merten warns that a Bitcoin correction would severely impact altcoins. He estimates a potential 25% to 30% drop in Bitcoin’s price, which would likely trigger a significant downturn for other cryptocurrencies. While he doesn’t predict a catastrophic market collapse, he emphasizes that the situation would be challenging for altcoin investors.
Disclaimer: This is not financial advice. Investing in cryptocurrencies is risky. Do your own research before making any investment decisions./p>
