Nicholas Merten is among the top crypto analyst on Youtube. In his recent bitcoin prediction video, he said that bitcoin failed to meet a resistance level around $11,000 early this month, which he considers as a red flag and possibly a signal for BTC to retract further.
He said volume has been abysmal and its what expected until there is a breakout. Merten reckons that BTC could drop another $700 or more and could trade in low $8,000 in coming weeks. He further added that it seems at the moment that bitcoin is not seeing the momentum to really bring confidence into the market.
Merten is not the only analyst who has predicted a downward trend for bitcoin in the coming weeks. Crypto analyst and co-founder of Blockroots, Josh Rager also echoed the same opinion. He tweeted that a 14% break below these current movings would likely take the price to $8,000 where strong support and bids are likey waiting.
A similar -14% break below these current moving averages would likely take price to the $8k area where strong support and bids are likely waiting
Basically, don't put your eggs on this one basket (or one indicator) to hold up price for Bitcoin
Stay fluid and hedge accordingly
— Josh Rager 📈 (@Josh_Rager) September 12, 2019
Currently, bitcoin is trading at just above $10,000 mark. Many analysts have noticed that bitcoin is following a descending triangle and have predicted a short term bearish market for the leading cryptocurrency.