Bitcoin is hanging around 20% below its all-time high, and one analyst is sounding the alarm bells. Nicholas Merten, a popular YouTube commentator, says Bitcoin’s recent price action is giving him some serious cause for concern.
Bitcoin’s Struggle for a Breakout
Merten points out that Bitcoin has been stuck in a rut for over a week, failing to break through a key resistance level. He’s also worried that Bitcoin has dipped below its 200-day moving average, a signal that often indicates a bearish market.
“This is not good,” he warns. “It’s not a good thing to see.”
Is This a New Bull Market?
Merten says he’s not convinced that Bitcoin is in a new bull market. He wants to see the price climb above the previous highs of around $69,000.
“If we can’t really get above there and really pioneer a new bull market, I don’t know how confident I can say I am that this is a new bull market,” he says.
Merten is looking for a strong weekly close above $72,500 to confirm a new bull market. Until then, he’s not buying into the hype.
Disclaimer: This information is for general knowledge and does not constitute financial advice. Always do your own research before investing in cryptocurrencies.
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