Analyst and trader Nicholas Merten is expressing bearish sentiment on Bitcoin (BTC) amid the flagship crypto asset’s failure to rise above a key resistance level.
In a new video, Merten tells his 509,000 YouTube subscribers that a correction for Bitcoin is imminent.
[adinserter block="1"]“I think there are some significant warning signs that people are ignoring right now. There’s a lot of complacency in the market and a lot of people are not prepared for a major flush down that could very well play out here over the next week or two.”
Merten says that one of the warning signs for Bitcoin is the fact that BTC has failed to record a daily close above the $71,500 to $72,500 price.
“Every single time we’ve come up here towards around $71,500 to around $72,500, this has been a range where we constantly get shot down.”
According to the widely followed analyst, the rejection that Bitcoin is facing at the level just below the all-time high is an indication of the presence of heavy selling pressure.
“It is showcased that over the last 3 months, we have been basically ranging at the same price range… this is the previous all-time high range back in the past… around $69,000, which is where we peaked out last time in 2021.
And we have treaded at that all-time high from the prior cycle for over three months here since back in March of this year. That is the longest, by a long shot, the longest period of time we have consolidated at a prior all-time high from the previous bull market.
So that is a very big warning sign here that there are tons of whales – it’s not one player, most likely it’s probably a lot of participants in the market, who are offloading positions here, taking advantage of that ability to sell at a much higher price range.”
Bitcoin is trading at $67,845 at time of writing.
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