Cryptocurrency

Bitcoin

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/bitcoin/bitcoin-price-analysis-analyst-predicts-possible-drop-below-2022-low-heres-the-timeline/">Bitcoin Price Analysis: Analyst Predicts Possible Drop Below 2022 Low – Here’s The Timeline</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Cryptocurrency expert Nicholas Merten, known for his insights on Bitcoin (BTC), has issued a warning about the current state of the market on his Youtube Channel. He points out that Bitcoin has been experiencing a period of stagnation, hovering around the $28,000 to $32,000 range. </p> 
<p>Interestingly, this same price range previously acted as strong support during the last cycle. However, since it was breached in June 2022, it has now turned into a formidable resistance level. This is a significant shift, as buyers previously found comfort in this range, but now it’s posing challenges for the digital asset.</p> 
<h2 id="is-trend-reversal-the-catalyst-for-btc-decline" data-name="is-trend-reversal-the-catalyst-for-btc-decline" class="wp-block-heading"><strong>Is Trend Reversal, The Catalyst for BTC Decline?&nbsp;</strong></h2> 
<p>Merten on a highly anticipated note <a href="https://www.youtube.com/watch?v=nfRC3bAvejQ" rel="noopener noreferrer nofollow"><strong>warns</strong></a> that if Bitcoin’s trajectory reverses, it might plunge sharply. His analysis suggests that Bitcoin is a few hundred dollars from a trend flip on a key indicator. On the other hand, it is also reaching a crucial resistance threshold, which suggests that the current level will operate as a supply zone rather than a support area.</p> 
<h2 id="btc-bottomout-what-are-the-chances" data-name="btc-bottomout-what-are-the-chances" class="wp-block-heading"><strong>BTC Bottomout: What Are the Chances?</strong></h2> 
<p>In light of the uncertainty surrounding Bitcoin’s future, the expert presents two possibilities. If the cryptocurrency can’t maintain its position in the upward trend and instead breaks out of the long-term resistance band, the momentum indicator will likely turn negative. </p> 
<p>If this occurs, analyst says Bitcoin’s value is likely to fall back into its long-term accumulation channel. Market prices may drop to below $16,000, which is below the lows of the market in 2022. He expects this will happen by the Q4 of 2023 or the Q1 of 2024.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
 <div class="wp-block-embed__wrapper"> <iframe title="Why I Think A Bitcoin Sell-Off Is Growingly Likely" width="1220" height="686" src="https://www.youtube.com/embed/nfRC3bAvejQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div> 
</figure>

Bitcoin Price Analysis: Analyst Predicts Possible Drop Below 2022 Low – Here’s The Timeline

Table of Contents

CoinPedia News

Other articles published on Jul 30, 2023

New Memecoin BALD Frenzy: Token Launched Yesterday Soared 4 Million Percent!

Barbie Star’s Bitcoin Talk Evokes Ken Energy: Crypto Community Reacts

OPNX Airdrop to Terra (LUNA) & Terra Classic (LUNC) Holders

Another Hacking Crisis: The Price Of This Altcoin Dropped 40 Percent In Minutes!

Cardano’s Potential Bull Run, Analyst Forecasts a Nearly Whopping 3000% Surge

17 Significant Developments: Cryptocurrencies Poised for Active Week!

Join our free newsletter for daily crypto updates!