Nicholas Merten, a crypto analyst at Nicholas Merten, is sceptical about Bitcoin (BTC), as it hovers near the $94,000 mark.
The host of DataDash told his 510,000 YouTube followers in a video that he expects Bitcoin to experience a major collapse over the next two weeks.
Bitcoin is showing some really alarming signs in its price movement, and we can see altcoins following suit. Even macro-recessionary indicators are starting to show up more and more .”
Merten claims that the 21-day moving average exponential (EMA), which was previously a level of support, is now a zone of resistance for crypto king.
The analyst has warned that Bitcoin’s price could fall below $80,000.
If we are essentially treating the 21-day (EMA) resistance, then we will be looking at our next major moving median pair as potential support. The 100-day [EMA] is at about $85,000.
If that doesn’t hold, then we will likely move to the 200-day [EMA] which is down at around $76,000. The 200-day [EMA] is at $76,000 .”.
Merten continues to say that the correction of Bitcoin would have a devastating effect on altcoins.
I’m not saying this is the end, but this correction is pretty important. We could see, from top to bottom, a 25 to 30 percent pullback…
It’s not the end of world, but altcoins are going to have a bad time.”
Bitcoin currently trades at $93,824 as of the time this article was written.
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The post Major Bitcoin Collapse Coming Over the Next 2 Weeks: Says Nicholas Merten, Trader Nicholas Merten. Here are His Targets could be updated as new information becomes available.
