Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,248,681,180,490	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,248,681,180,490

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-886.48	-1.37%	63,598.16	63,598.16	63,600.42

Price Change

Price Change %

Current Price

Bid Price

Offer

-886.48

-1.37%

63,598.16

63,600.42

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,810.00	63,287.76	64,488.01	64,484.64	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,810.00

63,287.76

64,488.01

64,484.64

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:50:18	0.078620	63,597.26	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:50:18

0.078620

63,597.26

USD

Price x Volume	Volume	Base Symbol	Related Pairs
560,699,118.51	8,745.52	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

560,699,118.51

8,745.52

Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely

21/01/2022 5:00pm

NEWSBTC

Bitcoin has now broken down past $38,000 for the first time in over four months. This is a crucial point for the digital asset given that it has successfully maintained its position above this level throughout all of the crashes and dips of the previous month. While most would like to think that this is only a temporary setback that will soon be resolved, analyst Nicholas Merten has warned investors to brace for even more volatility. Prepare For Further Downside In a recent video on his YouTube channel, Merten shared with his over 87K subscribers some gloomy analysis surrounding bitcoin. The analyst starts out by acknowledging what most have experienced in the market, believing that the recent rebound was a telltale sign of more upside to come. However, this could not have been more wrong as the digital asset has suffered even more dips following that. Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means Merten pointed out the fact that the gains realized from when bitcoin jumped from $41k to $44k have quickly faded and that there is not a lot of significant support ranges as the digital asset makes its way down with the downtrend. He predicts some major volatility that will drag the price down to levels not seen in about a year. Comparing the market to that of May 2020, which would see the price fall to the $29,000 range. “It’s just likely at this point that we repeat what we saw back in May to some degree,” he said. “Having a correction down to this range [$29,000 to $30,000], getting people towards what I would define as max pain It basically defines the point of peak fear when everyone, even the bulls are convinced that we’re in a bear market.” The analysts expect more downside to the tune of 20% to 30%, which would put the price of bitcoin at the range he predicts. BTC crumbles below $37k for first time in four months | Source: BTCUSD on TradingView.com Still Bullish On Bitcoin The fact that Merten relayed such a gloomy diagnosis for bitcoin in the short term does not mean that the analyst is particularly bearish in the long term. He explained that despite the market showing bearish trends, he remains a bitcoin bull. “We’ve been bearish in the short term over the past couple of weeks and we believe that there is still more downside to go, [but] I’m still a long-term bull.” Related Reading | I Only Hold 1 Bitcoin, Real Vision CEO Raoul Pal Reveals Additionally, Merten reiterates the fact that the market is still in a bull trend. Usually when prices start declining as fast as they are now, panic spreads across the space as most believe the bull market is over. For Mertern, this is not the case. He explains that just as a downward correction is likely, bitcoin could very well switch up and head towards the $150K to $200K range. “I believe that we’re still in a bull market, not a bear market. It’s very likely that we could see this correction, but at the same time, it could be the catalyst to finally set ourselves up on the next uptrend and charter towards the $150k range, $200k range for Bitcoin.” At the time of writing, bitcoin’s price is down 9.61% to be trading at $37,945. Featured image from Medium, chart from TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BTCUSD Bitcoin