Crypto Analyst Nicholas Merten Identifies Potential Bearish Trends for Bitcoin

Crypto Analyst Nicholas Merten Identifies Potential Bearish Trends for Bitcoin

Crypto News – Nicholas Merten, the host of DataDash, a prominent YouTube channel focusing on cryptocurrencies and financial markets, has provided an analysis of Bitcoin’s present trajectory. Merten observes that Bitcoin is presently situated in a state of price stagnation, resembling the value it held on March 17. This stasis indicates a waning of the previously prevailing bull market sentiment.

In a recent video, Merten highlighted critical behavioral patterns in Bitcoin hinting at a potential price decline. He pointed out the breach of the ascending support line and encountering resistance at a previous support level from the last bull market, both implying a possible decrease in price.

Merten drew a comparison between Bitcoin’s performance and that of mainstream assets like Microsoft and Apple, noting a decline in upward momentum. He pointed out that the buzz around AI and the bull market prospects of companies like Microsoft and Apple is diminishing.

Expressing concern, Merten suggested that the market might be heading towards a “textbook recession.” He dismissed the likelihood of a gentle economic downturn, emphasizing that the recent Federal Open Market Committee (FOMC) meeting had revealed no straightforward solutions to the ongoing economic challenges. Merten foresaw either a mild recession or an extended period of economic depression.

In a video shared on September 25, Merten outlined criteria to assess whether Bitcoin’s price would surge and herald a bull market or continue its descent in a prolonged bearish trend. Despite acknowledging some bullish narratives such as the upcoming halving event and proposed Bitcoin ETFs, he highlighted substantial indicators that could influence Bitcoin’s trajectory.

Analyzing the monthly Bitcoin chart, Merten identified a price pattern indicating an upcoming downward trend. He predicted that based on the current chart setup, Bitcoin’s price is likely to decline over the next two months, potentially culminating in the year concluding with a bearish market sentiment.