Merten Warns: Bitcoin on Verge of Major Correction with Price Target Below $80,000

Nicholas Merten, a renowned crypto analyst and YouTube personality, is cautioning investors about an impending correction in Bitcoin's price. In a recent video update to his 510,000 followers, Merten warned of a 'major collapse' for Bitcoin within the next two weeks. The analyst points out that signs of trouble are emerging in Bitcoin's price action, with similar movements observed in altcoins.

Merten highlights the 21-day exponential moving average (EMA) as a key indicator. Currently serving as resistance for Bitcoin, this support level previously played a crucial role in maintaining the cryptocurrency's value. Merten warns that if Bitcoin falls below $80,000, it could trigger a further decline to around $76,000.

The potential correction would have significant implications for altcoins, with Merten cautioning that a 25% to 30% pullback represents a substantial drop in the market. He notes that such a downturn would not bode well for these alternative cryptocurrencies.