Bitcoins Price in September 2023: Analysts Shocking Prediction

Bitcoins Price in September 2023: Analysts Shocking Prediction

Crypto analyst Nicholas Merten predicts a potential downward trend in Bitcoin’s price with a sustained bearish phase in the coming months, citing a shift in market sentiment and a change in the relationship between Bitcoin and technology stocks.

Nicholas Merten, a stands out cryptocurrency analyst and host of our  trending DataDash YouTube channel, recently delivered an eye-opening session to his 511,000 subscribers. Contrary to the common narrative of an imminent Bitcoin (BTC) recovery, Merten expressed concerns over the  capacity for a continued downward tendency in BTC’s price.

Reports by Merten, BTC’s current market behavior suggests a potential shift in momentum toward a sustained bearish phase in the months ahead. His analysis forecasts a drastic fall for Bitcoin, potentially reaching around $12,000 by September.

In technical analysis, momentum indicators are used to identify the speed or price at which the price of an investment increases or decreases for a set of returns. Merten implies that BTC’s momentum indicator on the weekly timeframe may be signaling a shift in market sentiment from positive  tendency to bearish.

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Interestingly, Merten observes a change in the relationship betwixt Bitcoin (BTC) and technology stocks. Historically, Bitcoin (BTC) has often moved in correlation with tech equities, but this pattern seems to be changing. Although while shares of tech giants such as Microsoft and Nvidia are experiencing positive momentum, Bitcoin (BTC) appears to be lagging behind, struggling with its current price level.

Regardless of Bitcoin (BTC) making some noteworthy strides in the previous few months, Merten urges his viewers to question the sustainability of this growth. Whether one purchased Bitcoin (BTC) back in November or is contemplating entering the market now, the analyst advises self-reflection on whether Bitcoin (BTC) will continue to outpace other financing opportunities.

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It’s worth noting that, Merten brings up the concept of support and resistance levels, which are fundamental aspects of technical analysis used to predict price movements. They essentially define the levels at which buying and selling pressures are expected to intensify.

Merten describes that the price range that previously served as a level of support during the last bull market is now acting as a resistance level. It’s notable that a level of support becomes a resistance level once the price falls below it, and vice versa.

Contrary to numerous investors’ expectations, Bitcoin (BTC) didn’t reach the upper band of around $32,000 to $33,000, a range numerous had targeted as a selling point. Merten cautions that continually shifting expectations and not taking profits may leave investors in a predicament if the digital currency doesn’t meet these lofty goals.

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