Bitcoin Price Is Likely to Drop Lower - Warns Analyst
Nicholas Merten warns Bitcoin may drop, creating a bull trap for traders who just went long on recent bullish price action.
Bitcoin has yet to trade and hold support above the 200-week moving average, signaling a liquidity trap is forming at current prices.
Merten predicts Bitcoin could dip to $16,000, a 32.5% decline from its current price.
Merten acknowledges his previous estimates of Bitcoin dipping as low as $10,000 or $12,000 may never come to pass.
Merten suggests that this could be a long-term accumulation channel with a retest around $16,000 similar to the bear market in 2014-2015.