Crypto analyst and trader Nicholas Merten is sharing his bearish outlook on Bitcoin (
BTC
) as the leading digital asset struggles to break through a crucial resistance level.
In a recent video, Merten, with a following of over 509,000 subscribers on YouTube, warns that a correction for Bitcoin is on the horizon.
“There are clear warning signs that many are overlooking at the moment. The market seems to be too complacent, and a significant downward trend could unfold over the next week or two,” Merten cautions.
Merten points out that one of the concerning indicators for Bitcoin is its inability to close above the $71,500 to $72,500 price range.
“Every time we approach the range of $71,500 to $72,500, we face strong resistance and get pushed back,” he explains.
Source: Nicholas Merten/YouTube
The analyst highlights that the rejection Bitcoin is experiencing just below its all-time high suggests a substantial amount of selling pressure.
“For the past three months, we have been trading within the same price range, which coincides with the previous all-time high of around $69,000 that we saw in 2021. This extended consolidation period at the prior all-time high is a major red flag, indicating that numerous market participants, likely including whales, are offloading their positions at higher price levels.”
At the time of writing, Bitcoin is priced at $67,845.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors are strongly advised to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. It is important to understand that all transfers and trades are undertaken at the individual’s own risk, and any resulting losses are the responsibility of the investor. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not a financial advisor. Please be aware that The Daily Hodl may engage in affiliate marketing activities.
