Bitcoin (BTC) Price Will Drop to $12,000, Analyst Believes

2023/05/24 00:05

Analyst Nicholas Merten resurfaced to predict that Bitcoin (BTC) will drop to $12,000 in September as the bear market continues.

The 511,000-subscriber YouTuber said Bitcoin’s recent rally was temporary and the asset will fall to $12,000 in September. The crypto trader argued that the bear market is not over.

Merten Advises Investors to Reconsider Bitcoin Recovery Thesis

In the video below, Merten predicts, among other things:

“We are getting very close to being at the turning point where Bitcoin’s price could be setting up for that short where we’re going to get a flip on the weekly time frame on our key momentum indicator.”

Despite earlier correlation, the crypto trader points out that Bitcoin has started to lag traditional stock markets.

Bitcoin bear market post-FTXBTC/USD Chart | Source: TradingView

The analyst notes that Bitcoin has begun lagging behind Microsoft and Nvidia‘s growth.

“Bitcoin has definitely made some good moves in the last few months. However, the question you need to ask yourself is whether or not that’s going to continue. Even if you bought back in November, [and] you’re thinking about buying now, you [have] got to ask yourself: Is Bitcoin still going to be the leading horse in the race?

“Because what we saw here for the past couple of months is very similar to what we saw of [earlier] price action. The exact same range…that used to be prior support in the last bull market is as it was…in May, acting as resistance.

“We didn’t even come up here towards the upper band around $32,000 to $33,000 like a lot of people were calling for as their target to exit out of the market. It tends to be that people set their expectations too high to keep moving the goal post, and eventually they don’t take profits.”

BTC Must Cross $27,600 to Turn Bullish

What do other analysts say about the short-term? According to Rekt Capital, Bitcoin should have closed above $27,600 by the end of last weekend, which it did not.

The analyst argues this is another confirmation of a negative trend. They argue that Bitcoin must reach $27,600 to reenter bullish territory.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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