The widely followed host of DataDash predicts that Bitcoin (BTC) will fall fast and hard, making new bear market lows.
Crypto analyst Nicholas Merten tells his 514,000 YouTube subscribers that BTC will fall to a minimum of around $14,000 — a drop of around 27% from BTC’s current level of around $19,000.
The popular analyst warns that the Bitcoin bear market could be more severe than most traders anticipate.
“Put simply, we must prepare for the worst. At the very least, expect bitcoin to achieve what it has done through previous bear markets. Where do we get our price level from? Well, the layers I’m dragging here aren’t just pulled out of a hat. They come with pretty decent reasoning. Not only with the fact that we treated these moving averages as resistance and are bouncing back to the lows here, which probably proves this is not the capitulation or consolidation channel that many people were expecting…
Not only is it a big balanced level here, but you have two dynamics at play. We have had clear multiple retests in this area in the past as potential resistance that was broken here in October 2020. But beyond that, this is a clear almost 80% correction for Bitcoin’s price at this level, which is very similar to previous bear markets in the past. I think this is the bare minimum we can ask for at this point considering the resistance this 200 week level [moving average].
Merten says the final key level of a bearish spiral would be $10,000, citing a previous percentage correction.
“In addition, we have to reckon with the fact that we might even get another worst-case scenario. I know this sounds far fetched, but we have to consider the idea that we could be getting a harder bear correction here, similar to some of the older bear markets of around 85%. That brings us to the big, five-digit $10,000 level.”
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