Crypto Analyst: Bitcoin Predicted to Face Selling Pressure

Bitcoin is predicted to face selling pressure. (Photo; Doc. Pexels)

JAKARTA – Nicholas Merten, a crypto analyst who is widely followed by the crypto community, predicts that Bitcoin (BTC) will face selling pressure and experience a significant decline.

In a recent strategy session, the crypto trader and DataDash host told his 511,000 YouTube subscribers that BTC is poised to move to the downside.

According to Merten, the top crypto asset by market capitalization will face difficulty breaking through resistance between 30,000 US dollars (IDR 478 million) and 33,000 US dollars  (IDR 525 million).

“The question here is whether we will be able to break this resistance channel, which has proven to be resistance for Bitcoin every time. This is the reason why I try to bring people back to the center – I am not trying to be a permabear or bet against Bitcoin,” said Merten.

Furthermore, Merten stated that BTC could break through the resistance zone if a Bitcoin ETF is approved by the US regulator, the Securities and Exchange Commission (SEC). He added, that's when BTC has the potential to enter its bullish zone, possibly breaking at the level of 33,000 US dollars (IDR 525 million).

"I think the question is, are we going to be able to get above this resistance line and start leveraging it as support to push higher in the case of a Bitcoin ETF. And I have to be honest with you guys - because I see the ratios here, the thing that's going to make things happen is if our ETF is approved," explained Merten.

However, he suggested being more realistic in responding to BTC price movements and the influence of Bitcoin ETFs.

“And now we're coming down the same path with the same hopeful narrative as we did in June. Hopefully, BlackRock will get its ETF approved along with many others.”

At the time of writing, the Bitcoin price was trading at IDR 488 million at 17:47, Monday 23 October 2023. BTC price movements have increased by 2.3% in the last 24 hours according to Coingecko data reports.