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There is nothing much to be happy about because the market will continue like this for the next 2 months until the halving of Litecoin, so far no new money has come in the market.
I am expecting a SMALL trend change in BEAR market after LITECOIN halving. Because if I compare 2023 monthly chart OF BITCOIN with 2019 monthly chart OF BITCOIN then everything looks exactly same as it was in 2019.
#LITECOIN #HALVING #BEARMARKET #BULLMARKET #DYOR
I am expecting a SMALL trend change in BEAR market after LITECOIN halving. Because if I compare 2023 monthly chart OF BITCOIN with 2019 monthly chart OF BITCOIN then everything looks exactly same as it was in 2019.
#LITECOIN #HALVING #BEARMARKET #BULLMARKET #DYOR
Crypto Analyst Warns of Potential Bitcoin Collapse Below 2022 Low
Renowned crypto analyst Nicholas Merten is cautioning investors about the precarious situation of Bitcoin (BTC), as it struggles to break through the $29,000 level. Merten, who hosts the popular YouTube channel DataDash with over 511,000 subscribers, highlights the key resistance level that Bitcoin is currently facing and warns that failure to surpass it could lead to a significant downward plunge.
Stagnation at Resistance
Bitcoin has been showing a lack of significant movement, finding itself confined within a resistance channel spanning $28,000 to $32,000. This range, which was previously a supportive zone for buyers during the last market cycle, has now transformed into a formidable barrier since it was breached in June of 2022. Merten notes that during the period between June and November, Bitcoin exhibited a descending channel, signifying potential support, but the subsequent rise from October and November, following the FTX collapse, has formed a new short-term ascending channel with higher lows and higher highs. #NicholasMerten #FTX
Trend Reversal Warning
While the current trend has been favorable for the bulls, Merten sounds a note of caution. The analyst points out that Bitcoin is coming dangerously close to flipping its momentum indicator to red, which could indicate a trend reversal. Additionally, the prolonged struggle against the resistance channel suggests that it may indeed act as a supply zone rather than becoming a new support level. #BTC #bitcoin
Potential Price Dip
If the trend does reverse, Merten predicts that Bitcoin could see prices dipping below its market low of 2022, reaching around the $16,000 level. He places this potential scenario in either the end of 2023 or the first quarter of 2024. This bearish prediction is based on the possibility of revisiting the long-term descending channel of accumulation if the current ascending channel is broken. #BEARMARKET $BTC
Current Trading Situation
As of the time of writing, Bitcoin is trading at $29,322, showing a marginal increase of 0.3% over the last 24 hours. However, the technical analysis by Nicholas Merten suggests that the cryptocurrency's price movement is at a critical juncture, and investors should closely monitor its performance to avoid potential losses.
In Summary
In conclusion, crypto analyst Nicholas Merten has issued a warning about the precarious state of Bitcoin, as it struggles to break through its current resistance level. Failure to overcome this hurdle could lead to a trend reversal and a potential price dip below the 2022 low. Investors are advised to exercise caution and closely follow market developments to make informed decisions in these uncertain times.
Stagnation at Resistance
Bitcoin has been showing a lack of significant movement, finding itself confined within a resistance channel spanning $28,000 to $32,000. This range, which was previously a supportive zone for buyers during the last market cycle, has now transformed into a formidable barrier since it was breached in June of 2022. Merten notes that during the period between June and November, Bitcoin exhibited a descending channel, signifying potential support, but the subsequent rise from October and November, following the FTX collapse, has formed a new short-term ascending channel with higher lows and higher highs. #NicholasMerten #FTX
Trend Reversal Warning
While the current trend has been favorable for the bulls, Merten sounds a note of caution. The analyst points out that Bitcoin is coming dangerously close to flipping its momentum indicator to red, which could indicate a trend reversal. Additionally, the prolonged struggle against the resistance channel suggests that it may indeed act as a supply zone rather than becoming a new support level. #BTC #bitcoin
Potential Price Dip
If the trend does reverse, Merten predicts that Bitcoin could see prices dipping below its market low of 2022, reaching around the $16,000 level. He places this potential scenario in either the end of 2023 or the first quarter of 2024. This bearish prediction is based on the possibility of revisiting the long-term descending channel of accumulation if the current ascending channel is broken. #BEARMARKET $BTC
Current Trading Situation
As of the time of writing, Bitcoin is trading at $29,322, showing a marginal increase of 0.3% over the last 24 hours. However, the technical analysis by Nicholas Merten suggests that the cryptocurrency's price movement is at a critical juncture, and investors should closely monitor its performance to avoid potential losses.
In Summary
In conclusion, crypto analyst Nicholas Merten has issued a warning about the precarious state of Bitcoin, as it struggles to break through its current resistance level. Failure to overcome this hurdle could lead to a trend reversal and a potential price dip below the 2022 low. Investors are advised to exercise caution and closely follow market developments to make informed decisions in these uncertain times.
