See More

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

2 mins
By Zerelik Maciej
Translated David Thomas
Join our Trading Community on Telegram

In Brief

  • Crypto analyst from 2017, Nicholas Merton, reemerges.
  • Merten predicts a tough period for Bitcoin (BTC) that will see it fall to $12,000.
  • He argues that the crypto winter is not over and Bitcoin's recent rebound was temporary.
  • promo

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-FTX
BTC/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.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

David-Thomas.jpg
David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
READ FULL BIO
Sponsored
Sponsored