{"id":481714,"date":"2022-01-21T17:00:27","date_gmt":"2022-01-21T17:00:27","guid":{"rendered":"https:\/\/wncen.com\/?p=481714"},"modified":"2024-06-11T14:10:48","modified_gmt":"2024-06-11T14:10:48","slug":"bitcoin-breaks-37000-why-downtrend-to-29000-is-likely","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-breaks-37000-why-downtrend-to-29000-is-likely\/","title":{"rendered":"Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely"},"content":{"rendered":"

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.<\/p>\n

Prepare For Further Downside<\/h2>\n

In a recent video on his YouTube channel<\/a>, 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.<\/p>\n

Related Reading |\u00a0Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means<\/a><\/strong><\/em><\/p>\n

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.<\/p>\n

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. \u201cIt\u2019s just likely at this point that we repeat what we saw back in May to some degree,\u201d he said. \u201cHaving 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\u2019re in a bear market.\u201d<\/p>\n

The analysts expect more downside to the tune of 20% to 30%, which would put the price of bitcoin at the range he predicts.<\/p>\n

\"Bitcoin<\/p>\n

BTC crumbles below $37k for first time in four months | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Still Bullish On Bitcoin<\/h2>\n
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.<\/p>\n
\u201cWe\u2019ve 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\u2019m still a long-term bull.\u201d<\/p>\n
Related Reading |\u00a0I Only Hold 1 Bitcoin, Real Vision CEO Raoul Pal Reveals<\/a><\/strong><\/em><\/p>\n
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.<\/p>\n
\n
\u201cI believe that we\u2019re still in a bull market, not a bear market. It\u2019s 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.\u201d<\/p>\n<\/blockquote>\n
At the time of writing, bitcoin\u2019s price is down 9.61% to be trading at $37,945.<\/p>\n
Featured image from Medium, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
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 |\u00a0Bitcoin 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. \u201cIt\u2019s just likely at this point that we repeat what we saw back in May to some degree,\u201d he said. \u201cHaving 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\u2019re in a bear market.\u201d 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. \u201cWe\u2019ve 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\u2019m still a long-term bull.\u201d Related Reading |\u00a0I 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. \u201cI believe that we\u2019re still in a bull market, not a bear market. It\u2019s 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.\u201d At the time of writing, bitcoin\u2019s price is down 9.61% to be trading at $37,945. Featured image from Medium, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":481723,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,83361,3],"tags":[166,428,11434,679,1119,1144,14619],"class_list":["post-481714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-btc","category-news","tag-analysis-2","tag-bitcoin","tag-bitcoin-analyst","tag-bitcoin-price","tag-btc","tag-btcusd","tag-nicholas-merten"],"acf":[],"yoast_head":"\nBitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely<\/title>\n<meta name=\"description\" content=\"Bitcoin has now broken down past $38,000 for the first time in over four months. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely","url":"http:\/\/wncen.com\/news\/bitcoin-breaks-37000-why-downtrend-to-29000-is-likely\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-breaks-37000-why-downtrend-to-29000-is-likely\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/bear.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/bear.jpeg?fit=710%2C399"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analysis","bitcoin","bitcoin analyst","bitcoin price","btc","btcusd","nicholas merten"],"dateCreated":"2022-01-21T17:00:27Z","datePublished":"2022-01-21T17:00:27Z","dateModified":"2024-06-11T14:10:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-breaks-37000-why-downtrend-to-29000-is-likely\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-breaks-37000-why-downtrend-to-29000-is-likely\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/01\\\/bear.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/01\\\/bear.jpeg?fit=710%2C399\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analysis\",\"bitcoin\",\"bitcoin analyst\",\"bitcoin price\",\"btc\",\"btcusd\",\"nicholas merten\"],\"dateCreated\":\"2022-01-21T17:00:27Z\",\"datePublished\":\"2022-01-21T17:00:27Z\",\"dateModified\":\"2024-06-11T14:10:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/bear.jpeg?fit=710%2C399","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/481714"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=481714"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/481714\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/481723"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=481714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=481714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=481714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}