Analyst Nicolas Merten predicts that Bitcoin (BTC) will hit a resistance barrier. Will Bitcoin cross the $33,000 resistance level? In this Pooyan Music post, we explore this possibility.
A well-followed cryptocurrency analyst predicts that Bitcoin (BTC) will come under severe selling pressure. This issue will cause a significant fall.
In a new strategy session, crypto trader Nicolas Merten, host of DataDash, tells his 511,000 YouTube subscribers that the king of the crypto world is preparing for a bearish move.
According to Merten, the top crypto asset by market cap will struggle to break through its channel resistance between $30,000 and $33,000.
The question is whether we can clear through this channel of resistance that has proven to be resistance for Bitcoin every time. That’s why I’m trying to bring people back to the center again. I must say that I am neither for nor betting against Bitcoin.
That’s why we believe that entering channel resistance is in for another bearish third wave that is likely to be stronger than any previous resistance we’ve encountered in this range in the past. Because most of the time when we reach this limit and cannot pass it, it will be a problem.
The analyst goes on to say that if Bitcoin can break through the resistance zone, Bitcoin bulls should be on the move. However, Merten points out that the only way BTC can complete such a feat is to endorse an exchange-traded fund (ETF).
“If we can get above $33,000, it’s bulls’ turn.
I think the question remains whether or not we can break through this resistance channel and use [it] as support for a move higher on the Bitcoin ETF. As I look at the various ratios here, what makes this happen is an ETF.
I think this is the only way, all other narratives for Bitcoin have failed in the short term.
And now we come to the same channel with the same hopeful narrative that we did here in June. Hopefully the ETFs will finally be approved.
At the time of writing, Bitcoin is trading at $30,141, which has increased by 2.15% in the last 24 hours.