Crypto Analyst Warns Bitcoin May Sink to $9,000 – BTC, Ethereum, XRP, Litecoin, Stellar Forecasts


YouTube’s biggest crypto analyst says there could be more pain for traders in the coming days.

After briefly crossing $13,000 on Wednesday, Nicholas Merten says Bitcoin may now be at the start of another 20-40% retracement.

“In order for me to get bullish yet again and start averaging in my next position, I’m going to have to either wait until we get back above [$12,800] or I’m going to be waiting for it to come down around this range towards the low $10,000’s.

If we break through $10,000, if we can’t solidify support here for a few hours, then I’m going to be averaging another position down here around the $9,000 range. Because that’s going to lead us down to 35%. I really don’t see us getting a 40% correction as much as I’d like to see it, but I do think we could possibly set, as we have over here, a third final low down in this range. I think that would make sense. It’s in line with three previous lower lows here and we would be continuing that trend.”

Merten says Bitcoin has been more difficult to predict than ever in its current market cycle, but he believes that will change if Bitcoin breaks through its all-time high at $20,000.

“I’m not trying to trade Bitcoin. I want to be very clear to you all. I honestly have gotten to the point where in this rally it’s becoming a lot less predictable than previous rallies. I think that in this kind of trend especially, until we get past $20K, that’s when the trend gets a lot easier to confirm, when the even levels really matter a lot more. I’m just going to be looking to average in. Because I want to get in before we get to $20,000 and really start the next rally where Bitcoin starts to multiply over and over at very large valuations.”

Right now, Bitcoin is down 4.36% at $11,700 according to COIN360. Ethereum is down 4.24% at $273.79, XRP is down 8.55% at $0.3290 and Litecoin is down 3.63% at $103.76.

Source: COIN360

CoinDesk’s Omkar Godbole says Bitcoin’s daily chart remains bullish as analysts try to plot the path ahead.


CoinDesk – Higher-lows pattern on daily chart intact, outlook remains bullish

FXStreet – Next level of support for BTC/USD is at $10,650


BeInCrypto – Next levels of support for ETH near $260 and $230


FXStreet – Wave of selling pressure kicks in after bears break $0.4000


Blockonomi – LTC price drops below significant support level


NewsBTC –XLM may tumble below the second layer of support at $0.07

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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