Cryptocurrency analyst Nicholas Merten is bearish on Bitcoin (BTC) as the major cryptocurrency asset hovers around $94,000.
In a new video update, DataDash host He tells His 510,000 YouTube subscribers said he expects Bitcoin to see a “major crash” over the next two weeks.
“Bitcoin is starting to show not only really worrying signs through price action, but we’re clearly seeing altcoins follow suit as well. Even macro recession indicators are starting to flare up in a big way.
According to Merten, the 21-day Exponential Moving Average (EMA) – which previously acted as a support level – is now acting as a resistance zone for the cryptocurrency king.
Thus, the analyst warns that the price of Bitcoin may now fall below $80,000.
“If we’re basically dealing with 21 days [EMA] Resistance, we are looking for the next major moving average pair as potential support. The closest we will probably get is 100 days [EMA] Here it is for about $85,000…
So somewhere in the low $80k range. If that doesn’t hold, we will likely move to a 200 day period [EMA] Which fell by about $76,000.
Merten goes on to point out that a Bitcoin correction would be devastating for altcoins.
“I’m not saying it’s the end of the world here but I’m saying this is a very important correction where we could see, from top-down analysis, a 25% to 30% pullback…
This is not something that would be the end of the world but it would be a very bad situation for altcoins.
Bitcoin is trading at $93,824 at the time of writing.
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