Bitcoin's Over-Exuberance Sparks Short Position and Uncertainty in Crypto Markets
Originally Published 2 years ago — by The Daily Hodl
Crypto analyst Nicholas Merten is shorting Bitcoin as he believes the recent surge is a relief rally trap and "over-exuberance" is spreading through the crypto markets. Merten thinks Bitcoin is likely running up against resistance at the $29,000 to $32,000 level and could decline in value soon. He believes Bitcoin is most likely following a similar pattern that started in June 2021, when it began a rally to a new all-time high and then collapsed. Bitcoin is trading at $30,470 at the time of writing, down nearly 1.50% in the last 24 hours.