Analyst Gives Big Downward Price Target for Bitcoin (BTC) As Crypto Markets Turn Red
The widely followed host of DataDash is predicting that Bitcoin (BTC) will go down fast and hard, reaching new bear market lows.
Crypto analyst Nicholas Merten tells his 514,000 YouTube subscribers that BTC is going to drop to a minimum of around $14,000 – an approximate 27% drop from BTC’s current level around $19,000.
The popular analyst warns that the Bitcoin bear market could be more severe than most traders are anticipating.
“Simply put, we need to get prepared for the worst. At a minimum, expect that Bitcoin is going to what it’s done through previous bear markets. Where do we pull our price levels from? Well, the levels I’m pulling here are not just being pulled out of a hat. They come with pretty decent rationale. Not only with the fact that we’ve treated these moving averages as resistance and are rolling back over to the lows here likely proving that this isn’t the capitulation or consolidation channel that many people were expecting it would be…
Not only is it a big even level here, but you’ve got two dynamics at play. We’ve got clear, multiple retests at this range as potential resistance in the past with it being broken here back in October 2020. But on top of that, this is a clear-cut, near 80% correction for Bitcoin’s price at this level, which is very similar to previous bear markets in the past. I think this is the bare minimum that we can ask for at this point considering the resistance at that 200 week [moving average].
Merten says the final key level of a downward spiral would be at $10,000, citing a previous percentage correction.
“On top of that, we need to be considerate of the idea that we might even get a further worst-case scenario. I know this sounds too far out, but we have to consider the idea that we might get a harsher bear market correction here similar to some of the older bear markets of around 85%. Taking us down to the big, five-digit even level of $10,000.”
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