Analyst Forecasts Bitcoin Faces Resistance at $30K, Larger Drop Possible Without Catalyst Like ETF Approval
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Analyst Nicholas Merten predicts Bitcoin will face significant resistance around $30,000 - $33,000 and make a downward move.
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Merten says Bitcoin bulls could break past resistance if a spot BTC ETF is approved, but other narratives have failed lately.
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According to Merten, repeated failures to break past resistance could spark a larger drop than previous ones.
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Bitcoin is currently trading around $30,100, up 2% in the last 24 hours.
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Merten notes bulls could make a case if Bitcoin breaks $33,000 resistance, but an ETF may be needed to propel substantially higher.