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BTC Enters a No-Trend Zone With Build-up of Bearish Momentum: Analyst

source-logo  coinedition.com 28 September 2023 13:00, UTC

According to Nicholas Merten, host of DataDash, a YouTube channel about crypto and financial markets, Bitcoin is currently in a no-trend zone. Merten noted that the flagship crypto is at the same price tag as March 17, signaling that the bull market narrative is starting to fall.

In a recently uploaded video, Merten spotted crucial Bitcoin behaviors that suggest the price could move lower. He revealed that Bitcoin has broken through the ascending line of support and encountered resistance at a prior support level of the last bull market, all suggesting that the price could fall lower.

Merten compared Bitcoin’s behavior with the mainstream asset market, showing a drop in the upside momentum of mainstream assets like Microsoft and Apple. According to Merten, the AI narrative and all the buzz about Microsoft and its stocks entering the bull market are starting to fade, just like they are with Apple.

The DataDash host stated that we might head toward a “textbook recession”. He categorically discounted the potential of a soft landing, noting that after the recent Federal Open Market Committee (FOMC) meeting, it is clear that there is no easy way out of the current downturn. Merten said there would either be a mild recession or an extended depression.

On September 25, Merten shared another video where he revealed how to determine whether the Bitcoin price will pick up and initiate a bull market or continue downward in an extended bear trend. Despite acknowledging some of the existing bullish narratives, like the upcoming halving event and the proposed Bitcoin ETFs, Merten noted significant indicators that could affect Bitcoin.

Using the Bitcoin monthly chart, Merten revealed a price pattern that suggests more downward pressure. According to him, the current chart setup suggests the price will fall lower for the next two months and possibly lead to Bitcoin ending the year with bearish momentum.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.