A cryptocurrency analyst is confident that bitcoin will fall soon — here’s why

Crypto analyst Nicholas Merten announced in a new video on his DataDash channel that it’s time to sell bitcoin, as the first cryptocurrency has risen by almost 100% since November 2022.

Merten told his audience of 511,000 subscribers that the first cryptocurrency’s recent surge could be a trap, as crypto markets have been overbought. In his opinion, BTC will reach a resistance level in the area between $ 29,000 and $ 32,000, after which it may begin to fall:

«You want to wait until you get some signals. And we have received one now, having entered the support zone formed during the previous cycle. There is a very high probability of setting a resistance level here, especially after 100% growth in bitcoin. Now is the time when I am going to short.»

Merten disagrees with those who believe that bitcoin will follow the 2019 scenario. Four years ago, BTC showed 300% growth in a few months:

«We are not likely to repeat the hyperbolic recovery that we had in the previous cycle. At least not on such a scale — 300%. That was a serious increase in the price of bitcoin, a much larger movement that lasted longer. Now we are seeing a 100% movement. I don’t like it when people make this comparison. In reality, I think it is much more important to talk about percentages. We are now seeing the relaxation of bulls, which happens during a bear market.»

According to the analyst, the scenario of June 2021 is likely to repeat itself, when BTC showed its all-time high and then collapsed.