Nicholas Merten, a renowned crypto analyst, is currently expressing bearish sentiments on Bitcoin (BTC) as the prominent cryptocurrency maintains a position near the $94,000 mark. Through a recent video update, Merten forecasts a "major collapse" for Bitcoin within the upcoming two weeks to his 510,000 YouTube followers.
Signs of trouble are emerging in Bitcoin’s price action, which Merten highlights as concerning, alongside similar movements in altcoins. Indicators of a macroeconomic recession also appear to be gaining prominence.
Merten explains that the 21-day exponential moving average (EMA), a previous support level, is now serving as resistance for Bitcoin. He warns that Bitcoin’s value might fall below the $80,000 threshold.
“Treating the 21-day [EMA] as resistance prompts us to seek our next support level, likely around the 100-day [EMA] at approximately $85,000. We could see it dip into the low $80,000 range. Failure to hold could mean a drop to the 200-day [EMA] at around $76,000,” he notes.
Merten further comments that if Bitcoin undergoes such a correction, it would severely impact altcoins. “This isn’t an end-of-the-world scenario, but a 25% to 30% pullback represents a significant correction. Such a downturn would not bode well for altcoins,” he cautions.
Currently, Bitcoin’s trading value stands at $93,824.
