Analyst Nicholas Merten appeared again predict Bitcoin (BTC) to fall to $12,000 in September while the bear market continues.
The YouTuber, who has 511,000 subscribers, said Bitcoin’s recent rally was temporary, and the asset would fall to $12,000 in September. The crypto trader argued that the bear market is not over yet.
Merten advises investors to reconsider the Bitcoin recovery thesis
In the video below, Merten predicts, among other things:
“We are close to the inflection point where bitcoin price could set a short price where we will change the weekly timeframe of our key momentum indicator.”
Despite past correlation, the crypto trader points out that Bitcoin has started to lag traditional stock markets.
BTC/USD Chart | Source: TradingView
The analyst notes that Bitcoin is slowly lagging behind the growth of Microsoft and Nvidia.
“Bitcoin has definitely made some good moves over the past few months. The question you must ask yourself, however, is whether or not this will continue. Even if you bought back in November, [and] You’re thinking about buying now, you [have] You must be wondering: will Bitcoin still be the leading horse in the race?
“Because what we have seen here in the last few months is very similar to what we have seen [earlier] price action. The exact same area that was considered prior support in the last bull market is still in May today and is acting as resistance.
“We haven’t even gotten close to the $32,000 to $33,000 cap here that a lot of people have been asking for as a target for exiting the market. There is a tendency for people’s expectations to be too high to push the target further and end up not taking profits.”
BTC needs to surpass $27,600 to turn bullish
What do other analysts say about the short-term development? Bitcoin should have closed above $27,600 by the end of last weekend, according to Rekt Capital, but it did not.
The analyst argues that this is further confirmation of a negative trend. They argue that Bitcoin needs to reach $27,600 to re-enter bullish territory.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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