Image default
Bitcoin

One More Big Sell-Off Coming for Bitcoin (BTC), Says Popular Crypto Analyst – Here’s His Target

Widely adopted crypto analyst Nicholas Merten says there’s another large sell-off occasion on the horizon for Bitcoin (BTC).

In a brand new video replace, the host of DataDash tells his 515,000 YouTube subscribers that he sees the king crypto having one other meltdown earlier than it finds a powerful assist stage within the $12,000 to $14,000 vary.

“Do we’ve got one other sell-off coming? …Are we going to get another ultimate decline in costs and construct a base on a in all probability extra stable foundational channel round $12,000 to $14,000 for Bitcoin? Is it so loopy to suppose that it may occur?

Source: DataDash/YouTube

Merten mentions the web unrealized revenue and loss (NUPL) metric, an on-chain indicator that basically exhibits whether or not Bitcoin holders are in a state of revenue or loss. When the NUPL is above zero, there are extra buyers in revenue than in losses. Below zero, extra buyers are nursing losses than reaping earnings.

He says that Bitcoin’s NUPL hasn’t stayed in destructive territory lengthy sufficient to securely assume that the downtrend is over.

“During durations of time once we’re at bull market highs, the NUPL mannequin is studying someplace round 0.7 to 0.75, actually overbought durations, and we begin to constitution into destructive territory the place price is decrease than the typical price most Bitcoin the place moved at on-chain.

Now you’ll be able to see once we enter into this blue vary, which we did for a brief time period in June, we have a tendency to hold on this vary for some time throughout typical bear markets.”

Source: DataDash/CryptoQuant/YouTube

The intently adopted analyst says that BTC may very well be coming into uncharted territories because it has by no means traded by a interval of financial tightening and rate of interest hikes. He additionally says he doubts that the Federal Reserve will find yourself pivoting again to quantitative easing anytime quickly because it has previously.

“I wish to emphasize one large factor. In the entire 10, usually 12 years, that Bitcoin has been liquidly traded on exchanges, we’ve got by no means had a full 50% recession or nearly depressionary correction or bear market in equities. We’ve had your typical 20% bear markets, the place issues begin to promote 20% to 30%, the place issues dump [and] the Fed involves the rescue, saves the day.

[However] the Fed can not do what it’s accomplished earlier than, not except it cools inflation… If the Federal Reserve have been to print extra for no matter motive and attempt to save the day, they’ll exacerbate the problem large time. The Fed can’t do this in a world of provide chain [issues], of expertise scarcity within the financial system, low labor drive participation and the entire issues round commodity costs.”

Bitcoin is altering arms at $19,856 at time of writing, a fractional achieve on the day.

I
Don’t Miss a Beat – Subscribe to get crypto e-mail alerts delivered on to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl usually are not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any loses you could incur are your accountability. The Daily Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please word that The Daily Hodl participates in internet affiliate marketing.

Featured Image: Shutterstock/KDdesignphoto

Related posts

Here’s Why the Current Bitcoin Correction Is Different From BTC’s Collapse in May: On-Chain Analyst Will Clemente

Crypto Advisor

Over $268,000,000 in Bitcoin Moving to Long-Term Holders Signaling BTC Is Close to Bottom: Insights Firm

Crypto Advisor

Billionaire Ray Dalio Says He’s Investing in Ethereum, Calls Crypto Asset ‘Alternative Money’ in Era of Cash Debasement

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 19,423.80 0.52%
ethereum
Ethereum (ETH) $ 1,333.42 0.60%
tether
Tether (USDT) $ 1.00 0.09%
usd-coin
USD Coin (USDC) $ 1.00 0.36%
bnb
BNB (BNB) $ 283.00 0.60%
binance-usd
Binance USD (BUSD) $ 1.00 0.35%
cardano
Cardano (ADA) $ 0.435758 0.72%
xrp
XRP (XRP) $ 0.465597 6.04%
polkadot
Polkadot (DOT) $ 6.40 0.42%
solana
Solana (SOL) $ 33.97 1.77%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 1.43%
dogecoin
Dogecoin (DOGE) $ 0.060281 0.97%
staked-ether
Lido Staked Ether (STETH) $ 1,329.90 0.58%
matic-network
Polygon (MATIC) $ 0.757775 0.98%
tron
TRON (TRX) $ 0.060454 1.38%
dai
Dai (DAI) $ 1.00 0.13%
avalanche-2
Avalanche (AVAX) $ 17.26 0.46%
ethereum-classic
Ethereum Classic (ETC) $ 27.66 0.28%
leo-token
LEO Token (LEO) $ 4.20 2.49%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 19,432.42 0.38%
uniswap
Uniswap (UNI) $ 6.34 2.41%
litecoin
Litecoin (LTC) $ 53.83 0.55%
cosmos
Cosmos Hub (ATOM) $ 12.65 2.95%
okb
OKB (OKB) $ 15.66 1.22%
ftx-token
FTX (FTT) $ 24.15 0.06%
terra-luna
Terra Luna Classic (LUNC) $ 0.000277 0.54%
near
NEAR Protocol (NEAR) $ 3.57 0.51%
chainlink
Chainlink (LINK) $ 7.87 0.06%
crypto-com-chain
Cronos (CRO) $ 0.110308 2.51%
monero
Monero (XMR) $ 148.50 0.84%
stellar
Stellar (XLM) $ 0.110439 0.65%
bitcoin-cash
Bitcoin Cash (BCH) $ 116.24 0.73%
algorand
Algorand (ALGO) $ 0.346531 0.30%
flow
Flow (FLOW) $ 1.73 4.54%
vechain
VeChain (VET) $ 0.023402 2.10%
eos
EOS (EOS) $ 1.21 4.88%
internet-computer
Internet Computer (ICP) $ 6.11 0.57%
filecoin
Filecoin (FIL) $ 5.76 3.37%
chain-2
Chain (XCN) $ 0.075065 3.91%
frax
Frax (FRAX) $ 1.00 0.15%
hedera-hashgraph
Hedera (HBAR) $ 0.057866 0.69%
decentraland
Decentraland (MANA) $ 0.704856 0.36%
apecoin
ApeCoin (APE) $ 5.40 0.05%
the-sandbox
The Sandbox (SAND) $ 0.84853 0.43%
tezos
Tezos (XTZ) $ 1.43 0.57%
quant-network
Quant (QNT) $ 131.41 1.96%
axie-infinity
Axie Infinity (AXS) $ 12.56 0.35%
aave
Aave (AAVE) $ 76.56 0.88%
lido-dao
Lido DAO (LDO) $ 1.59 2.97%
elrond-erd-2
Elrond (EGLD) $ 47.73 0.24%
theta-token
Theta Network (THETA) $ 1.09 1.26%
true-usd
TrueUSD (TUSD) $ 1.00 0.24%
chiliz
Chiliz (CHZ) $ 0.237541 3.05%
bitcoin-sv
Bitcoin SV (BSV) $ 49.33 1.44%
compound-usd-coin
cUSDC (CUSDC) $ 0.022633 0.09%
paxos-standard
Pax Dollar (USDP) $ 1.00 0.22%
kucoin-shares
KuCoin (KCS) $ 9.28 0.25%
bittorrent
BitTorrent (BTT) $ 0.00000078351393 0.04%
ecash
eCash (XEC) $ 0.000041 1.40%
the-graph
The Graph (GRT) $ 0.098955 0.79%
iota
IOTA (MIOTA) $ 0.29128 1.81%
zcash
Zcash (ZEC) $ 56.64 1.76%
huobi-btc
Huobi BTC (HBTC) $ 19,494.22 0.44%
usdd
USDD (USDD) $ 1.00 0.49%
huobi-token
Huobi (HT) $ 4.46 1.01%
evmos
Evmos (EVMOS) $ 1.51 14.26%
havven
Synthetix Network (SNX) $ 2.41 2.70%
cdai
cDAI (CDAI) $ 0.022049 0.07%
maker
Maker (MKR) $ 741.07 1.20%
bitdao
BitDAO (BIT) $ 0.476468 0.51%
klay-token
Klaytn (KLAY) $ 0.19769 0.29%
neutrino
Neutrino USD (USDN) $ 0.970704 1.14%
fantom
Fantom (FTM) $ 0.226904 0.75%
compound-ether
cETH (CETH) $ 26.79 1.02%
neo
NEO (NEO) $ 8.77 0.87%
helium
Helium (HNT) $ 5.02 5.83%
gatechain-token
Gate (GT) $ 4.31 0.91%
defichain
DeFiChain (DFI) $ 0.727529 0.77%
radix
Radix (XRD) $ 0.059497 2.08%
celsius-degree-token
Celsius Network (CEL) $ 1.48 0.19%
pax-gold
PAX Gold (PAXG) $ 1,656.50 0.39%
pancakeswap-token
PancakeSwap (CAKE) $ 4.92 1.41%
thorchain
THORChain (RUNE) $ 1.57 0.13%
osmosis
Osmosis (OSMO) $ 1.10 2.83%
zilliqa
Zilliqa (ZIL) $ 0.031241 1.18%
enjincoin
Enjin Coin (ENJ) $ 0.460313 0.95%
nexo
NEXO (NEXO) $ 0.928547 2.08%
arweave
Arweave (AR) $ 9.00 3.79%