Renowned analyst and trader Nicholas Merten has a pessimistic outlook on Bitcoin (
BTC
) as the leading cryptocurrency struggles to surpass a crucial resistance level.
In a recent video, Merten, who has a following of 509,000 subscribers on YouTube, predicts an impending correction for Bitcoin.
“There are clear warning signals that many are overlooking right now. The market is too comfortable, and many are not ready for a potential significant downturn that could occur in the next week or two,” Merten explains.
Merten points out that one of the red flags for Bitcoin is its inability to close above the $71,500 to $72,500 price range on a daily basis.
“Every time we approach the range of around $71,500 to $72,500, we face strong resistance and get pushed back,” he notes.
According to the respected analyst, the resistance that Bitcoin is encountering just below its all-time high indicates substantial selling pressure in the market.
“For the past three months, we have been hovering around the same price range, which coincidentally was the previous all-time high range at around $69,000, where we peaked earlier this year. This extended period of consolidation at a previous all-time high is a major warning sign that large investors, likely a group of market participants, are selling off their positions at significantly higher prices,” Merten elaborates.
At the time of writing, Bitcoin is priced at $67,845.
For more updates, subscribe to receive email alerts directly to your inbox.
Follow us on X, Facebook, and Telegram for the latest price movements and news.
Stay informed with The Daily Hodl Mix.
Please note that the opinions expressed in The Daily Hodl are not financial advice. Investors should conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at your own risk, and any losses incurred are solely your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, and is not an investment advisor. Additionally, please be aware that The Daily Hodl participates in affiliate marketing.