An analyst closely followed in the crypto space is targeting much lower prices for Bitcoin (BTC) despite the crypto king being well off its lows for the year.
In a new strategy session, Nicholas Merten tells his 511,000 DataDash subscribers that Bitcoin appears poised for a sustained downtrend in the coming months, and shares a chart forecasting a rapid drop to about $12,000 for BTC by September.
“We are getting very close to being at the turning point where Bitcoin’s price could be setting up for that short where we’re going to get a flip on the weekly timeframe on our key momentum indicator.”
Merten also says that while Bitcoin has historically been correlated with technology stocks, he highlights that BTC is now starting to fall behind. According to the crypto analyst, shares of tech stocks like Microsoft and Nvidia are on the up and up while BTC is in price doldrums.
“Bitcoin definitely made some good moves over the past couple of months. However, the question you need to ask yourself is whether or not that’s going to continue.
Even if you bought back in November or you’re thinking about buying now, ask yourself, is Bitcoin still going to be the leading horse in the race? Because what we saw for the past couple of months is very similar to what we saw back in price action, the same exact range here, that used to be prior support in the last bull market, is as it was back here in May, acting as resistance. We didn’t even come up here towards the upper band around $32,000 – $33,000 like a lot of people were calling for as their target to exit out of the market.
It tends to be that people set their expectations too high, they keep moving the goalposts and eventually, they don’t take profits and get caught.”
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