Crypto Analyst Reveals Massive Downside Target For Bitcoin (BTC) Here’s His Outlook

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A closely-followed analyst in the crypto space is targeting much lower prices for Bitcoin (BTC) despite the king of crypto being well above its lows for the year.

In a new strategy session, Nicholas Merten tells his 511,000 DataDash followers that Bitcoin looks set for a sustained downtrend in the coming months, and shares a chart forecasting a rapid drop to around $12,000 for BTC from September here.

We are approaching very close to the turning point where Bitcoin price could set up for this short where we were going to have a reversal on the weekly timeframe on our key momentum indicator.

Source: DataDash/YouTube

Merten also says that while Bitcoin has always been correlated with tech stocks, he points out that BTC is now starting to lag behind. Shares of tech stocks like Microsoft and Nvidia are up while BTC is in a price slump, according to the crypto analyst.

Bitcoin has definitely made some good moves over the past two months. However, the question you have to ask yourself is whether this will continue or not.

Even if you bought back in November or are planning to buy now, ask yourself if Bitcoin is still going to be the front horse of the race? Because what we’ve seen over the past two months is very similar to what we’ve seen in price action, the exact same range here that was previous support in the last bull market is such that she was here in May, acting as resistance. We didn’t even get here towards the upper band around $32,000-$33,000 as a lot of people were calling it as a target to get out of the market.

Usually people set their expectations too high, they keep moving the goal posts and eventually they don’t take profits and get caught.

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