Leading cryptocurrency Bitcoin reached the 30 thousand dollar mark with strong moves. For now, however, he is having a hard time going any further. Analyst Nicholas Merten says Bitcoin (BTC) will be hit hard by critical resistance. Merten predicts that BTC will move downwards later.
If it cannot exceed this range, the direction for Bitcoin will be south!
DataDash host crypto analyst Nicholas Merten shared his latest predictions to his 511,000 YouTube subscribers in a new strategy session. Analyst says leading crypto is preparing for a downside move. According to Merten, Bitcoin will have difficulty breaking the channel resistance between $30,000 and $33,000. In this context, the analyst makes the following statement:
The question here is whether we can break through this resistance channel, which has proven to be resistance time after time for Bitcoin. That’s why I’m trying to bring people back to the center. I’m not trying to be a ‘permabear’ or bet against BTC.
The analyst therefore believes that Bitcoin (BTC) is very well set up as it enters channel resistance for another third wave to the downside, which will likely hit harder than previous resistances it has faced in the past in this range. Because the more it gets into that range and can’t clear it, that becomes a problem.
The only hope for the leading cryptocurrency: A spot BTC ETF
The analyst goes on to say that BTC bulls will have a case if Bitcoin breaks through the resistance zone. However, Merten says the only way BTC can complete such a feat is with the approval of a spot Bitcoin ETF. This is where the tour that the SEC will take comes into play. The fact that the SEC did not appeal the Grayscale decision keeps hopes alive for now. Merten makes the following assessment in the bull scenario for BTC:
If we can break above $33,000, the bulls have an argument here… I think the real question is whether we can break above this resistance channel and, in the case of a Bitcoin ETF, start using it as support to move higher. And I have to be honest with you guys. When I look at the rates here, what’s going to make this happen is we have an ETF. I think this is the only chance. All other narratives (please let’s be frank about this) have failed for Bitcoin in the near term. It is necessary to be realistic about this.
The analyst now says that Bitcoin (BTC) has come to the same channel with the same hopeful rhetoric as it did in June. Finally, Merten said, “I hope BlackRock will get its ETF approved along with others.” says.
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