Crypto analyst Nicholas Merten is sounding the alarm on Bitcoin (BTC) as it hovers near the $94,000 mark. In a recent video update, Merten, who boasts over 510,000 subscribers on his YouTube channel DataDash, expressed his belief that a major collapse in Bitcoin’s price is on the horizon over the next two weeks.
Merten points out that Bitcoin is showing “really worrying signs” with its current price action, a sentiment echoed by the behavior of altcoins. He also emphasizes that macroeconomic indicators are beginning to signal a recession, adding to the overarching concerns.
The analyst highlights a significant technical indicator—the 21-day exponential moving average (EMA). This indicator has shifted from a previous support level to now acting as a resistance zone. Merten warns that if Bitcoin continues to treat the 21-day EMA as resistance, it could tumble below the $80,000 threshold.
He elaborates, noting, “If we’re treating the 21-day EMA resistance, we’re looking ahead at our next major moving average for potential support. The 100-day EMA, which is approaching around $85,000, is likely our first stop. We could potentially land somewhere in the low $80,000 range.” Should that support fail, Bitcoin could plummet toward the 200-day EMA, noted to be just above $76,000.
Examining the implications for altcoins, Merten conveys that a correction in Bitcoin would spell trouble. While he doesn’t believe this is “the end of the world,” he warns that we could be in for a “pretty significant correction,” estimating a 25% to 30% pullback from recent highs. This decline isn’t just an issue for Bitcoin; it would significantly impact altcoins as well.
As of now, Bitcoin is trading at $93,824. The crypto community is keenly observing the market conditions, waiting to see if Merten’s predictions come to fruition.
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