A prominent crypto analyst says there’s likely more pain in store for Bitcoin traders.
In a new episode of Data Dash, Nicholas Merten says that the current price action of Bitcoin (BTC) suggests a retreat to $9,000 is likely.
“What we’re seeing right now is something that I really kind of feared in a sense for Bitcoin. It’s not anything bad in the long term, it’s just something in the short term…I guess it’s a good thing…it gives us a position to possibly build in a larger position if we have some additional fiat…Taking a look at the logarithmic weekly chart for Bitcoin, we’ll take a look at BitStamp here, this is of course taking a step back all the way to 2015, we really want to take a look between the top in 2017, the rising lows, the lowering highs, the ledge that was building up to the breakout price here. We