A popular crypto analyst ponders how deep Bitcoin (BTC) could fall as markets head into the weekend on a sour note.
In a new strategy session, Nicholas Merten gives his 516,000 YouTube subscribers a weekly round-up after the US Federal Reserve hiked interest rates and digital assets withered amid heavy selling pressure.
“I want to go ahead and talk a little bit about what we talked about as our worst case scenario. I have to be honest with you guys, I’m going to be persistent here again.
I may be wrong twice in a row, but I will be confident in my statement here in the sense that while we can expect the price to drop further, there is a limit, a threshold where it really makes sense at the end of the day to go around to see the price actually go down until we see people restrict buying and also cite the strain on the market order flow which will push the price back up.
The Data Dash host goes on to say that while he can’t pinpoint the exact date or length of the process, his intention is to provide a reasonable BTC valuation range so viewers can use the Dollar Cost Average (DCA) when building their positions. can determine. He identifies the cumulative market capitalization of bitcoin and Ethereum (ETH) than dropped below $900 billion, while that figure currently stands at $1.1 trillion.
Finally, Merten compares previous cycle highs and corrections to show that even after significant declines, BTC has never fallen as low as the previous cycle peak.
“That’s the point I want to make here, although we could get close to that, we could get to $30,000 here. I think it’s completely irrelevant and out of the question to think we’d come down and touch $20,000.”
Source: Nikolaus Merten/YouTube
At the time of writing, Bitcoin is down 1.22% over the past 24 hours and is trading at $36,036. BTC remains 9.6% below its weekly high of $39,874 on Wednesday.
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Source: Crypto News Deutsch