Crypto Analyst Issues Bitcoin Warning, Says BTC Has Officially Lost $30,000 and Is on the Way Down
A widely followed crypto analyst is warning that Bitcoin (BTC) is preparing for a deeper drop after losing the $30,000 price level.
DataDash host Nicholas Merten tells his 511,000 YouTube subscribers that more market participants are looking to sell BTC than buy it, a trend that will drive the cryptocurrency king’s price lower.
“We continue to face stagnation here around $30,000 and week in and week out we are proving that this is a distribution range, a price range on the supply side and not the demand side.
Basically, there are more people looking to exit positions than are actually buying positions and this market order selling pressure is causing prices to stagnate again like they did in April.”
According to the analyst, if BTC closes below its current support level, it would be confirmation that another downtrend is in store for the crypto king.
“If we close this week just a few hundred dollars below bitcoin’s current level, we’re going to get that red flip and I’d say if we get a red confirmation here for about two weeks, that’s going to give us a big opportunity. ‘ to start building a short position in the bitcoin price.
It’s not about hitting the absolute bottom or the top of these games; It’s about waiting for the important signs that show the trend is about to reverse…
And it’s not just Bitcoin here. I’m not here to scold crypto. It is what it is; We need to understand what’s going on here from a macro perspective, because if asset markets aren’t ready to start a new uptrend, we need to take protective measures… And unfortunately, for the bulls, the recent months’ weakness has provided sufficient evidence of that that we are ready to start the downtrend.”
At the time of writing, BTC is worth $29,675, up 2.8% over the past 24 hours.
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