Crypto analyst warns BTC may slide down to $8,000

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

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.

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. 

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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5 reasons why Bitcoin Price might crash hard soon

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