According to KOL Nicholas Merten, BTC could drop to $30,000 in a few days

A prominent analyst says Bitcoin (BTC) is likely to fall significantly over the next few days, but such a sell-off could be the final catalyst to push the top cryptocurrency above $100,000.

In a new video, Nicholas Merten to speak to his 495,000 YouTube subscribers that he remains bullish on Bitcoin even if it could print a big red candle on the chart.

“We could be on the verge of a pretty harsh correction where the bitcoin price could drop more than 20% to 30%.

BTC has been down for the past few weeks and I believe the downside still has room to grow, [nhưng] The long-term trend is still up.

I believe we are still in a bull market, not a bear market…Most likely, this will be the last correction before BTC heads towards the $150,000-$200,000 range.”

The analyst also warned that such a sell-off could rock the market.

“When a selloff occurs, this is how it works…a slow but steady selloff at lower highs and lower lows.

I really have a feeling we’re going to see something pretty dramatic.”

BTC/USDT daily chart | Source: TradingView/Nicholas Merten

Merten continued to look at Bitcoin’s recent rally as it rallied from a Jan. 10 low below $41,000 to a high of $44,000 two days later, before giving up most of that gain on Jan. 10. 14

“BTC has rallied a bit…leading some investors to believe this is the end of the sell-off, that the price will resume its previous uptrend.

But that rally quickly faded and it doesn’t look like strong support here.”

The analyst says Bitcoin is likely to retest levels last seen during the May 2020 market crash.

“There is a possibility that BTC will repeat what it did in May.

There is a correction up to this area [$ 29.000- $ 30.000]what I call maximum pain…

It’s basically where fear peaks when everyone, even the most aggressive bulls, believe Bitcoin is in a bear market.”

At the time of writing, Bitcoin is down 7.65% and is trading at $38,800.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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