DataDash founder a veteran crypto analyst Nicholas Merten predicts more pain ahead for Bitcoin’s price based on a combination of technical indicators and macroeconomic pressures.
The analyst referenced price charts for three different assets to back up his claim: BTC, ETH, and AAPL.
Where Bitcoin’s Price Will Crumble
In a video published on Wednesday, Merten began by pointing out how Bitcoin remains suspended well below its 200-week moving averages (WMA) and 200-day moving averages (DMA). The former has historically been a long-standing price floor for Bitcoin but flipped from a line of support into resistance for the first time ever in 2022.
“The fact that we are well suspended and not even coming up to re-test those 200 day, as well as the 200 week [averages], is a big worrying sign,” said Merten.
Secondly, the relief rallies Bitcoin has managed to muster from its new lows throughout 2022 have “continued to get weaker and weaker.” This indicates that Bitcoin bulls
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