A Crypto Analyst Warns Bitcoin Could Sink Lower
Crypto analyst Nicholas Merten believes that Bitcoin (BTC) is poised to decline further after losing the $30,000 price level. Merten explains that there are more people looking to sell BTC than buy it, causing a supply-side pressure that is keeping prices stagnant. He suggests that if BTC closes the week below its current support level, it would confirm that another drop is imminent. Merten advises investors to wait for signs of a trend reversal before considering building a short position. He also notes that the weakness in the crypto market over the past few months indicates a downside move. At the time of writing, BTC is valued at $29,675, up 2.8% in the last 24 hours.
Key Points:
- More market participants are looking to sell BTC than buy it, causing prices to stagnate.
- If BTC closes the week below its current support level, it would confirm a potential downward trend.
- Investors should wait for signs of a trend reversal before considering building a short position.
- The weakness in the crypto market over the past few months suggests a downside move.
- At the time of writing, BTC is valued at $29,675, up 2.8% in the last 24 hours.
Hot Take:
The warning from crypto analyst Nicholas Merten serves as a reminder that the current market sentiment for Bitcoin is bearish. With more participants looking to sell rather than buy, the price of BTC is expected to continue its downward trajectory. Investors should exercise caution and closely monitor the support levels. While short-term fluctuations may occur, the overall trend suggests further declines. It’s important to stay informed and consider the larger market perspective before making any investment decisions.
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