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A widely followed cryptocurrency analyst predicts that Bitcoin (BTC) will be heavily impacted by selling pressure and experience a significant decline. Nicholas Merten, a server analyst at DataDash, stated to his followers that the leading cryptocurrency is preparing for a downward movement.
The $30,000 Zone in BTC
According to expert cryptocurrency analyst Nicholas Merten, the largest cryptocurrency by market value will struggle to break through the resistance channel between $30,000 and $33,000. The analyst stated the following about the matter:
The question here is whether we can break through this resistance channel that proves to be resistance for Bitcoin every time. That’s why I’m trying to bring people back to the center. I’m not trying to be permanent or bet against Bitcoin. Therefore, we believe that we are well prepared for another downward third wave that will likely hit the resistance channel more forcefully than any previous resistance we have encountered in this range. Sometimes when we reach this range, we can’t surpass it, and that will be a problem.
Requirements for BTC’s Rise
The analyst emphasized that if Bitcoin can break the resistance zone, it would be a situation that requires action from BTC bulls. However, Merten states that the only way for BTC to achieve such success is through the approval of a Bitcoin exchange-traded fund (ETF) in the spot market. In his comments, the expert said the following:
There is a debate among bulls here about whether we can go above $33,000… I think what will accomplish this is an ETF that will push Bitcoin higher by breaking above this resistance channel… I have to be honest with you, the thing that will accomplish this when looking at the odds is an ETF… I think this is the only possibility, all other narratives have failed for Bitcoin in the short term. Just being realistic about this… And now we are coming back to the same channel with the same hopeful narrative as we did here in June. We hope that BlackRock, along with many other ETFs, will approve their ETF.
Bitcoin is currently trading at $30,141, representing a 2.15% increase in the last 24 hours.
