“Nicholas Merten foresees Bitcoin’s uphill battle against resistance, cautioning investors of an impending downward move that could redefine the crypto landscape.”
A prominent crypto analyst is predicting that Bitcoin (BTC) will face significant selling pressure and experience a significant decline. Nicholas Merten, the host of DataDash, believes that Bitcoin will struggle to break through its channel resistance between $30,000 and $33,000. He suggests that if Bitcoin fails to surpass this resistance, it could lead to a strong downward move. Merten also mentions that the only scenario in which he sees Bitcoin overcoming this resistance is if a BTC exchange-traded fund (ETF) is approved. Currently, Bitcoin is trading at $30,141, showing a 2.15% increase over the past 24 hours. It remains to be seen how Bitcoin will perform in the coming days and whether it can break through its resistance level.