Cryptocurrency analyst Nicholas Merten indicates a negative outlook for Bitcoin (BTC) 
$64,477 after its price hovers around $94,000. Merten, who owns the DataDash channel, warns that Bitcoin may experience a significant drop within the next two weeks.
Worrying Signals in Bitcoin and Possible Decline
Merten reported observing concerning signals in Bitcoin’s price movements and altcoins. He also noted that macroeconomic data displays an unfavorable trend.
According to Merten, the 21-day exponential moving average (EMA), which previously acted as a support level, now serves as a significant resistance point for Bitcoin. If this resistance level is not surpassed, it is anticipated that Bitcoin could decline to around $80,000.
Altcoins May Also Decline with Bitcoin
A potential correction in Bitcoin seems likely to negatively affect altcoins as well. Merten stated that a downturn in Bitcoin could lead to a substantial loss of 25-30% in altcoin values. He emphasized that Bitcoin’s price movements, along with a downturn in altcoins, send alarming signals about the current market situation.
Currently, Bitcoin is trading at approximately $93,824. If the resistance level at the 21-day EMA is not broken, Merten predicts a move towards the 100-day EMA at $85,000. A breach of this level could lead to Bitcoin dropping as low as $76,000.
With overall market anxiety prevailing in the cryptocurrency sector, it is advised that traders proceed with caution. In this climate of uncertainty, reviewing investment strategies has become increasingly important.
