Crypto analyst Nicholas Merten is bearish on Bitcoin (BTC) as the flagship crypto asset hovers around the $94,000 mark.
In a new video update, the DataDash host tells his 510,000 YouTube subscribers that he expects a “major collapse” in Bitcoin in the next two weeks.
“Not only is Bitcoin showing really worrying signs with its price action, we are obviously seeing altcoins following suit. And even the macroeconomic recession indicators are starting to increase significantly.”
According to Merten, the 21-day exponential moving average (EMA), which previously acted as a support level, is now acting as a resistance zone for the crypto king.
Therefore, the analyst warns that Bitcoin could now fall below the $80,000 price.
“If we essentially cover the 21 days [EMA] Given the resistance, we are looking for our next major moving average pair as potential support. And the earliest we’re likely to get to is probably the 100-day mark [EMA] which here is around 85,000 US dollars…
So somewhere in the low $80,000 range. If not, we will likely move to the 200-day mark [EMA]…
