A famous analyst scares with a comment about Bitcoin: “It doesn’t look good!”

YouTuber and cryptocurrency analyst Nicholas Merten does not think that Bitcoin (BTC) is going to do well at all.

In his latest video, analyst Merten told his 509 thousand subscribers that BTC spot exchange-traded funds (ETFs) have started to see net outflows since late August. Stating that this data indicates a downward trend in the market, the analyst said: “It doesn’t look good” for Bitcoin.

Evaluating BTC in his latest video uploaded to YouTube, Merten shared views that upset Bitcoin investors. Stating that BTC has a bad outlook, the analyst said the following:

“Large buyers are not accumulating enough Bitcoin yet. We usually see net outflows from spot ETFs. Consecutive net outflows indicate that the price is constantly being suppressed. This situation does not bode well for Bitcoin.”

According to crypto data platform Coinglass, BTC has seen net outflows from ETFs since August 27. The analyst emphasized that a different bearish scenario could also occur due to Bitcoin’s moving averages. It is possible that the moving averages, which are currently on a negative course, will strengthen the bears’ hand. Nicholas Merten expressed his thoughts as follows:

“These moving averages were recently acting as support. Now they have turned into resistance. This is not a good outlook for BTC.”

The analyst, who evaluated BTC based on spot ETF data and moving averages, attracted the attention of his followers on YouTube and Twitter. Merten’s future analyses are eagerly awaited.