Bitcoin (BTC) May Fall To $8,000, Warn Crypto Analysts
If so far, we’ve been flooded by all kinds of optimistic crypto predictions, it seems that now things are slightly changing.
It’s been just reported that one of YouTube’s most popular crypto analyst said that he expects BTC to drop even lower in the short term.
We’re referring at DataDash – Nicholas Merten who said that BTC’s sluggish volume doesn’t look well.
More than that, the man said that BTC failed to meet an important resistance level which is around $11k.
At the time of writing this article, the crypto market looks pretty good, with all important coins trading in the green.
Bitcoin is also trading in the green on CMC and the most important digital asset on the market is priced at $10,345.70.
BTC could get ready to drop lower
Merten believes that this is one more sign that BTC could prepare to fall more.
“Volume has been abysmal. It’s commonly what’s expected until you really get a breakout or breakdown…We didn’t even come to make contact with the line of resistance we’ve met three times in the past,” he said.
Merten continued and pointed out the fact that “It just seems at the moment we’re not seeing the momentum to really bring confidence into this market, for me to feel that we’re ready to break out just yet.”
He also said that “It feels like price needs to come down toward a lower range in the 30 to 40% correction range that we commonly see. Even though we’ve already seen that at these previous lows [at $9,400].”
Merten said that BTC could drop to $8,000.
Check out the Daily Hodl’s original article to find out more about what he had to say.
Bitcoin has been in the news a lot lately, and despite the high volatility of the crypto market, the coin has been gaining more interest from investors.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.