Cryptocurrency analyst Nicholas Merten has come forward with a prediction that Bitcoin (BTC) will decline to $12,000 in September, indicating that the bear market is still in progress.
The cryptocurrency enthusiast, with a YouTube following of 511,000, believes Bitcoin’s recent upsurge is fleeting and the digital asset will depreciate to $12,000 in the coming September. He asserts that the bear market phase is yet to conclude.
Among Merten’s forecasts, he stated:
“The moment of turning point, where Bitcoin’s value might be preparing for a short, indicated by a flip on the weekly time frame on our principal momentum indicator, is nearly upon us.”
Merten highlights a change in the trend where Bitcoin is no longer in sync with traditional stock markets, having started to fall behind.
He observes that Bitcoin’s growth has started trailing that of tech giants like Microsoft and Nvidia.
“Bitcoin has indeed exhibited some impressive performance over the past few months. But the key query to ponder is whether this trend will persist. Even if you invested in November and are considering making a purchase now, you must question: Will Bitcoin continue to lead the pack?
“As we’ve seen over the past few months, the pattern mirrors earlier price activity. The exact same range that previously served as support in the last bull run is now acting as resistance, similar to what we saw in May.
“Interestingly, we didn’t even reach the higher band between $32,000 and $33,000 that many had set as their market exit point. People tend to inflate their expectations, constantly shifting their targets, often resulting in missed opportunities to realize gains.”
What is the take of other market analysts on the short-term outlook? As per Rekt Capital, Bitcoin needed to surpass $27,600 by the end of the previous weekend, which it failed to achieve.
The analyst interprets this as another sign of a negative trend. They contend that Bitcoin must hit $27,600 to swing back into the bullish zone.
