Analyst Nicholas Merten Reveals His Shocking Bitcoin Price Target for September 2023

Nicholas Merten, a distinguished crypto analyst and host of the popular DataDash YouTube channel, recently delivered an eye-opening session to his 511,000 subscribers. Contrary to the common narrative of an imminent Bitcoin recovery, Merten expressed concerns over the potential for a continued downward trend in Bitcoin’s price.

According to Merten, Bitcoin’s current market behavior suggests a potential shift in momentum toward a sustained bearish phase in the coming months. His analysis forecasts a drastic drop for Bitcoin, potentially reaching around $12,000 by September.

In technical analysis, momentum indicators are used to identify the speed or rate at which the price of an asset increases or decreases for a set of returns. Merten suggests that Bitcoin’s momentum indicator on the weekly timeframe could be signaling a shift in market sentiment from bullish to bearish.

Interestingly, Merten observes a change in the relationship between Bitcoin and technology stocks. Historically, Bitcoin has often moved in correlation with tech equities, but this pattern appears to be changing. While shares of tech giants such as Microsoft and Nvidia are experiencing positive momentum, Bitcoin seems to be lagging behind, struggling with its current price level.

Despite Bitcoin making some noteworthy strides over the past few months, Merten urges his viewers to question the sustainability of this growth. Whether one purchased Bitcoin back in November or is contemplating entering the market now, the analyst advises self-reflection on whether Bitcoin will continue to outpace other investment opportunities.

Notably, Merten brings up the concept of support and resistance levels, which are fundamental aspects of technical analysis used to predict price movements. They essentially define the levels at which buying and selling pressures are expected to intensify.

Merten explains that the price range that previously served as a support level during the last bull market is now acting as a resistance level. It’s worth noting that a support level becomes a resistance level once the price falls below it, and vice versa.

Contrary to many investors’ expectations, Bitcoin didn’t reach the upper band of around $32,000 to $33,000, a range many had targeted as a selling point. Merten cautions that continually shifting expectations and not taking profits may leave investors in a predicament if the cryptocurrency doesn’t meet these lofty goals.
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