A popular crypto analyst is discussing how much Bitcoin (BTC) price could drop as the markets enter the weekend negatively.
Worst-case scenario for Bitcoin mid-fall according to analyst Nicholas Merten
In a new strategy session, Nicholas Merten said after the Federal Reserve raised interest rates and cryptocurrencies were under massive selling pressure. It gives weekly recaps to 516,000 YouTube subscribers after it melted under. In the video, the analyst says:
I want to continue and talk a little bit about what we refer to as our worst case scenario. I have to be honest with you, I’m going to stick to my guns here again. Maybe I’m wrong twice in a row, but I’ll be confident in my statement here in the sense that there is a limit, a threshold, where it really makes sense, even though we expect further reductions in price. At the end of the day, it’s only to see if the price actually goes down, until we start seeing people limit buying and also driving the fee in the market order flow which will push the price up again.
Nicholas Merten says $30,000 is a strong support zone
Kriptokoin.com Although the Data Dash server we shared cannot pinpoint the exact date of the process or how long it will take, it continues to say that its purpose is to provide a reasonable BTC valuation range so that viewers can average cost (DCA) when establishing their positions. He stated that the total market cap of Bitcoin and Ethereum (ETH) has dropped below $900 billion, while this figure is currently $1.1 trillion.
Merten concludes by comparing previous cycle peaks and corrections to show that even after significant dips, BTC has never dropped as low as the previous cycle’s peak. Looking at the graph below in part of the video, the analyst says:
That’s the point I want to bring here, while we can get close to that, we can get here to $30,000. I think it’s completely irrelevant and out of the question to think we’re going to go down and touch $20,000.
At the time of writing, Bitcoin (BTC) has risen slightly in the last 24 hours and is trading just below $36,000. BTC is down 9.6% from its weekly high of $39,874 on Wednesday.
