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, sharing a chart that predicts a rapid decline to around $12,000 for BTC by September.
“We are very close to the turning point where the price of Bitcoin could be set for that short period of time where we will see a reversal in the weekly time frame on our main momentum indicator.”
Merten also says that while Bitcoin has historically been correlated with technology stocks, he emphasizes that BTC is now starting to fall behind. According to the crypto analyst, shares of technology stocks such as Microsoft and Nvidia are on the rise, while BTC is in price decline.
“Bitcoin has certainly made some good moves over the past few months. The question you have to ask yourself, however, is whether this will continue.
Even if you bought back in November or are considering buying now, ask yourself: Will Bitcoin still be the leading horse in the race? Because what we saw over the past few months is very similar to what we saw back in price action, the exact same range is here, which used to be support in the last bull market, as it was here in May, acting as resistance. We didn’t even get close to the upper band around $32,000-$33,000 here, as many people called out as their goal of getting out of the market.
It’s common for people to set their expectations too high, they keep moving the goalposts and eventually they don’t take a profit and get caught.
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