It has been revealed that there is a new Bitcoin alert out. Check out the latest reports about this below.
There is concern among crypto expert Nicholas Merten that Bitcoin (BTC) may fall below its 2022 low.
Nicholas Merten addresses Bitcoin price predicitons
Merten, who hosts DataDash and has over 511,000 YouTube subscribers, explains that Bitcoin is facing a significant resistance level and is at risk of plummeting suddenly.
Merten points out that Bitcoin has been hovering within a resistance range of $28,000 to $32,000, which was the same range where buyers previously provided support during the last cycle.
However, since it broke in June 2022, this range has now become resistance.
He continued and said this:
“Along with that as well, as we saw price start to accumulate and we saw buyers come in here from this range between June to November this descending channel of potential support, which also takes into play some of the buying in June of 2021, we started a new short-term channel here – potentially long term channel as well, we’re going to keep open to that – where essentially we have higher lows and higher highs, and we’ve been trending upwards since around October and November since the collapse of FTX.”
It appears that the bulls are currently experiencing some strength, particularly with regard to Bitcoin’s optimistic trend.
However, it’s worth noting that we’re only a few hundred dollars away from a trend flip on our indicator, and we’re also nearing the end of the resistance channel.
This suggests that this area is more of a supply zone than a new support level.
According to Merten, if Bitcoin’s trend were to reverse, the cryptocurrency could potentially drop below its 2022 market low of roughly $16,000. This could happen by the end of 2023 or in the first quarter of next year.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $29,303.
