BTC continues to trade around the psychological support level at $20,000. Meanwhile, two crypto analysts are warning investors about the price of Bitcoin. According to them, a big selling wave will start soon and lead to the collapse of the price. So what price levels do they expect for the leading cryptocurrency? Let’s see together.
“A big selling wave for Bitcoin is at the door”
Cryptocurrency analyst Nicholas Merten expects a big selling wave for Bitcoin in the near future. The analyst shared his views on this issue in a new YouTube video he posted. In the video, he said that over 515,000 subscribers had a sales wave for BTC. He then announced the expected price levels. According to him, BTC price will decline until it finds support between $12,000 and $14,000.
Also, Merten talked about the unrealized net profit and loss (NUPL) indicator. This indicator is frequently used in the industry as it reveals whether Bitcoin holders are in profit or loss. When the NUPL value is above zero, it indicates that more investors are in profit. If the value is trading below zero, more investors are making more losses than profits. Merten says that Bitcoin’s NUPL indicator does not indicate the end of the downtrend:
“At the highs of the bull market, the NUPL value was between 0.7 and 0.75. These were the times when we really saw overbought. We are now starting to enter negative territory where the price is lower than the on-chain average price that most Bitcoins are moving to. We are now entering this blue range, which we did briefly in June. Now you can see that we tend to stay in that range for a while in typical bear markets.”
“Falled under crucial support: Beware!”
Another cryptocurrency analyst, Kevin Svenson, also warns investors for Bitcoin. However, the analyst is looking at the US dollar and the BTC price chart instead of the NUPL indicator. According to him, the US dollar’s rise to a 20-year high is already negative data for the price. Also, BTC price action has dropped below an important support, which also supports the downside. The analyst mentions that this support is important as it has kept the BTC price afloat since June 2022. Svenson said:
“We have to get back above the trendline. Otherwise, the decline seems to continue for BTC.”
Svenson also predicts that the dollar will continue to strengthen, even as the US dollar index (DXY) climbs to a 20-year high of 110.27. According to him, the dollar index will continue to rise and the strength of the dollar against other assets will continue to increase. Therefore, Bitcoin and other assets such as stocks may continue their downward move. cryptocoin.com As we reported, BTC is trading around $19,800 today.
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