Expert analyst warns of potential drop in Bitcoin price. Learn more about the prediction and its implications.
Nicholas Merten, a prominent digital currency market analyst, has alerted his 510,000 YouTube followers that Bitcoin (BTC) is on the verge of a significant price drop. Referring to the 21-day moving average that has turned from a support level to resistance, he predicts that the Bitcoin price could plummet below $80,000. Merten believes the first support level is around $85,000 and if this level is breached, the price could drop to $76,000. According to this analyst, a Bitcoin price correction could lead to a 25 to 30 percent decline in the altcoin market.
