Recently, some important predictions have emerged that the selling pressure on Bitcoin (BTC) has increased. Although cryptocurrency analysts and experts have different opinions on this issue, some express that they are worried about the future of BTC. One of these predictions comes from cryptocurrency analyst Nicholas Merten.
According to analyst Merten, host of DataDash, Bitcoin faces the possibility of a significant decline. The analyst thinks that Bitcoin’s current price levels are not sustainable and according to his analysis, BTC price may have difficulty breaking the critical channel resistance between $30,000 and $33,000.
“The question here is whether Bitcoin can break through the channel that has proven to be resistance time and time again. That’s why I’m trying to bring people back to the midfield again; I’m not trying to be permanent or betting against Bitcoin.
Therefore, we believe we are very well prepared as we enter channel resistance for a third wave to the downside that will likely be tougher than any of the previous resistances we have encountered in the past in this range. “The more we get into that range and can’t get past it, that becomes a problem.”
According to the analyst, it is possible that Bitcoin can break the resistance zone in question, but some conditions may need to be met for this to happen. According to Merten, the most important condition for Bitcoin to break this resistance zone is the approval of the spot market Bitcoin exchange-traded fund (ETF). Approval of a Bitcoin ETF could lead to this digital asset attracting more interest from institutional investors and large funds. Such an ETF could combine traditional financial markets with the world of cryptocurrency, which could increase the value of Bitcoin.
“The bulls have a debate here on whether we can break above $33,000…
In the case of Bitcoin ETF, the question arises as to whether we can break above the resistance channel and start using it as support to move higher. And I have to be honest with you, when you’re looking at the rates here, what’s going to make that happen is an ETF approval.
I think this is the only possibility, all other narratives have failed for Bitcoin in the near term.
“And now we are coming to the same channel with the same hopeful narrative as we did here in June.”
You can follow the current price movement here.