As the cryptocurrency market heads towards a bearish close, one of the popular crypto analysts, Nicholas Merten predicts Bitcoin’s drop.
In his new video, Nicholas Merten talks to his 516,000 Youtube subscribers about Bitcoin during his weekly wrap and this comes after the Federal Reserve increased interest rates and the crypto market started declining. He is seen claiming that
“I want to go ahead and talk a little bit about what we talked about as our worst-case scenario. I’ve got to be honest with you guys, I’m gonna stick to my guns here again……. while we could expect some further decline in price, there is a limit, a threshold where it genuinely makes sense at the end of the day to see price actually go down, until we start to see people limit buying and also leading the charge on the market order flow, which is going to drive the price back up.”
Moving further, the strategist asserts that though he cannot predict the exact date or how many days this price action will drag on, but he gives out the approximate valuation for Bitcoin so that traders can dollar cost average (DCA) while planning their positions.
Meanwhile, Merten also provides a cumulative market cap for Bitcoin and Ethereum which will drop towards sub-$900 billion, and this currently is positioned at $1.1 trillion.
The data expert, Nicholas Merten concludes his video by saying that when compared to previous cycle tops and corrections, though there are a few price drops, Bitcoin never actually fell as low as the previous cycle’s peak
“This is the point that I want to bring here, all the while we could come close to it, we could come here toward $30,000. I think it’s completely irrelevant and out of the question to think that we’d come down and touch $20,000.”