Analyst Nicholas Merten resurfaced to predict that Bitcoin (BTC) will drop to $12,000 in September as the bear market continues.
The 511,000-subscriber YouTuber said Bitcoin’s recent rally was temporary and the asset will fall to $12,000 in September. The crypto trader argued that the bear market is not over.
“Bitcoin has definitely made some good moves in the last few months. However, the question you need to ask yourself is whether or not that’s going to continue. Even if you bought back in November, [and] you’re thinking about buying now, you [have] got to ask yourself: Is Bitcoin still going to be the leading horse in the race?
“Because what we saw here for the past couple of months is very similar to what we saw of [earlier] price action. The exact same range…that used to be prior support in the last bull market is as it was…in May, acting as resistance.
“We didn’t even come up here towards the upper band around $32,000 to $33,000 like a lot of people were calling for as their target to exit out of the market. It tends to be that people set their expectations too high to keep moving the goal post, and eventually they don’t take profits.”
