Bitcoin Analyst Warns of Major Correction to $76K

Nicholas Merten, a renowned crypto analyst, is warning of a major correction in Bitcoin (BTC) in the near future. In his latest video update to over 510,000 YouTube followers, Merten forecasts a significant decline for Bitcoin within the next two weeks.

The 21-day exponential moving average (EMA), which was previously a support level, is now acting as resistance for Bitcoin, according to Merten. This could lead to a drop below the $80,000 threshold, potentially as low as $76,000 if the current trend continues.

Merten warns that such a correction would have severe implications for altcoins, estimating a 25% to 30% pullback as 'a significant correction'. Bitcoin's trading value currently stands at $93,824.