Analyst Gives Big Downward Price Target for Bitcoin (BTC) as Crypto Markets Turn Red
The widely followed host of DataDash predicts that Bitcoin (BTC) will fall fast and hard, hitting new bear market lows.
Cryptoanalyst Nicholas Merten tells his 514,000 YouTube subscribers that BTC is going to fall to a low 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 may be more severe than most traders expect.
– Simply put, we have to prepare for the worst. At a minimum, expect Bitcoin to go to what it has done through previous bear markets. Where do we get our price levels from? Well, the levels I’m pulling here aren’t just pulled out of a hat. They come up with pretty decent reasoning. Not only with the fact that we have treated these moving averages as resistance and are rolling back to the lows here, which probably proves that this is not the capitulation or consolidation channel that many expected it to be…
Not only is there a great level of consistency here, but you have two dynamics at play. We have clear, multiple tests of this area as potential resistance in the past, and it was broken here back in October 2020. But on top of that, this is a clear, almost 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 we can ask for at this point considering the 200 week resistance [moving average].
Merten says the final key level in a downward spiral will be at $10,000, citing a previous percentage correction.
“On top of that, we have to consider the idea that we could even have a further worst-case scenario. I know this sounds far-fetched, but we have to consider the idea that we could have a tougher bear market correction here that similar to some of the older bear markets at about 85%. Takes us down to the big, five-figure flat $10,000 level.”
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