{"id":179016,"date":"2023-10-22T20:33:06","date_gmt":"2023-10-22T15:03:06","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=179016"},"modified":"2023-10-22T20:33:06","modified_gmt":"2023-10-22T15:03:06","slug":"analyst-nicholas-merten-predicts-bitcoin-btc-will-be-hit-hard-by-resistance-and-make-move-to-the-downside-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/analyst-nicholas-merten-predicts-bitcoin-btc-will-be-hit-hard-by-resistance-and-make-move-to-the-downside-crypto-news\/","title":{"rendered":"Analyst Nicholas Merten Predicts Bitcoin (BTC) Will Be Hit Hard by Resistance and Make Move to the Downside – Crypto News"},"content":{"rendered":"

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A widely followed crypto analyst is predicting that Bitcoin (BTC<\/a>) will be hit hard by selling pressure and make a significant leg downward.<\/p>\n

In a new strategy session, crypto trader Nicholas Merten, the host of DataDash, tells<\/a> his 511,000 YouTube subscribers that the king crypto is setting up for a move to the downside.<\/p>\n

According to Merten, the top crypto asset by market cap will have trouble breaking through its channel resistance between $30,000 and $33,000.<\/p>\n

\u201cThe question here is whether or not we\u2019re going to be able to clear through this channel of resistance, which each and every time has proven as resistance for Bitcoin. This is again why I try to bring people back to the center \u2013 I\u2019m not trying to be a permabear or bet against Bitcoin. <\/em><\/p>\n

It\u2019s why we do believe that we are very well setting up as we enter in to the channel resistance for another third wave to the downside that will probably hit harder than any of the prior resistance that we faced in the past at this range because the more times we come up [to] this range, and we can\u2019t clear through it, that\u2019s going to be a problem.\u201d<\/em><\/p>\n

Source: Nicholas Merten\/YouTube<\/figcaption><\/figure>\n

The analyst goes on to say that BTC bulls have a case to be made if Bitcoin can bust through the resistance zone. However, Merten notes that the only way he envisions BTC completing such a feat is if a spot market BTC exchange-traded fund (ETF) is approved.<\/p>\n

\u201cThe bulls have an argument here if we can get above $33,000\u2026 <\/em><\/p>\n

I think the question remains whether or not we\u2019re going to be able to get above this channel of resistance and start to utilize [it] as support to propel higher in the case of a Bitcoin ETF. And I got to be honest with you guys \u2013 as I\u2019m looking across the ratios here, the thing that\u2019s going to be making this happen is if we do get an ETF. <\/em><\/p>\n

I think that\u2019s the only shot, all the other narratives \u2013 let\u2019s just be candid about [it] \u2013 the other narratives have failed for Bitcoin in the near term. Just being realistic about it\u2026 <\/em><\/p>\n

And now we\u2019re coming to the same channel with the same hopeful narrative as we did back here in June. Hopefully, BlackRock is going to get its ETF approved alongside many others.\u201d<\/em><\/p>\n

Bitcoin is trading for $30,141 at time of writing, a 2.15% increase during the last 24 hours.<\/p>\n