A widely followed crypto analyst is issuing a warning to investors, saying that Bitcoin’s (BTC) latest bounce is likely a bull trap ahead of a looming recession.
In a new strategy session, Nicholas Merten, the host of DataDash, tells his 511,000 YouTube subscribers that Bitcoin’s price increase in 2023 is similar to its past three relief rallies, which were followed by lower legs down.
“I want to go ahead and emphasize the percentage increase [as well], and not to mention a very similar time frame. We’ve had a 46% relief rally, 43% back between June to August, and since November towards January, we’ve had a 40% move in Bitcoin’s price. Now, this is getting to the typical percentage increase that we got during relief rallies