Renowned analyst and trader Nicholas Merten has shared a pessimistic outlook on Bitcoin (
BTC
) as the leading cryptocurrency struggles to break through a crucial resistance level.

Speaking to his audience of 509,000 subscribers on YouTube, Merten warned that a correction for Bitcoin is on the horizon.

“There are clear warning signals that many are overlooking. The market is showing signs of complacency, and many are unprepared for a potential significant downturn that could unfold in the coming weeks,” Merten said.

Merten pointed out that one of the red flags for Bitcoin is its inability to close above the $71,500 to $72,500 price range.

“Every time we approach the $71,500 to $72,500 range, we face strong resistance and are pushed back,” he explained.

According to Merten, the rejection Bitcoin is experiencing just below its all-time high indicates substantial selling pressure in the market.

“For the past three months, we have been trading within the same price range as the previous all-time high of around $69,000, where we peaked in 2021. This extended period of consolidation at the previous all-time high is a significant warning sign that many whales, not just one player, are likely selling off their positions at a higher price,” Merten emphasized.

At the time of writing, Bitcoin is valued at $67,845.

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