| door Wessel Simons
An analyst who was very successful during the 2017 market is now reporting back. Nicholas Merten, also known as DataDash, someone who has 511,000 subscribers on YouTube. He foresees a dark period for bitcoin, with the cryptocurrency even falling to $12,000 in September. In his view, the bear market is far from over and bitcoin’s upswing this year has been only temporary.
Bitcoin price in downtrend?
In the session below he says, among other things, “We are very close to the turning point where we will open a short position because a key momentum indicator on the weekly chart is about to flip”.
Merten also says that while bitcoin has historically been correlated with tech stocks, he emphasizes that bitcoin is now starting to fall behind. According to the analyst, shares of tech companies such as Microsoft and Nvidia are on the rise while bitcoin lags behind.
“Bitcoin has certainly made some good moves over the past few months. The question to ask yourself, however, is whether that will continue. Even if you bought back in November or are thinking about buying now, ask yourself will bitcoin still be the leading horse in the race? Because what we’ve seen over the past few months is very similar to what we saw in price action. The same exact range that used to be support in the last bull market now acts as resistance. The price has not gone above $32,000 – $33,000 as many people predicted. It turns out that people are too hopeful, they keep adjusting their targets, they don’t take profits and that’s how they get caught between their strategies.”
What do other analysts say about the short term? According to Rekt Capital, it is to close above $27,600 tonight at 2 a.m. Dutch time (weekly close), otherwise this means another confirmation of a negative trend. That level is important to get back into bullish waters.
According to Michaël van de Poppe, the price should move above $27,200 to gain more momentum.
The Dutchman Gert van Lagen is optimistic: he still expects “some strong green candles” before the week close.
Mitch Geurtsen also thinks in his analysis that the sideways action is coming to an end.
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2023-05-21 16:28:00
#Analyst #Sounds #Alarm #Bitcoin #Price #Plunges
