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Crypto expert Nicholas Merten suggests that Bitcoin, the world’s largest and oldest cryptocurrency, could go through turbulent times in the future. Merten points out that Bitcoin and other cryptocurrencies are on the verge of a major downturn, with a potential $440 billion drop in the overall market value. According to DataDash’s Nicholas Merten, the convergence of various macro factors could lead to a crypto sell-off wave that wipes out $440 billion from the sector’s market value.
Macroeconomic Factors in BTC!
In a recent episode of his YouTube channel, Merten said he expected Bitcoin to stabilize in the range of $15,000 to $16,000, experiencing a retreat of over 43% from its current level. According to CoinGecko, at the time of publication, the total market value of all cryptocurrencies was $1.08 trillion. The crypto expert predicts a significant contraction of $440 billion in the market’s total valuation in the near future. In his remarks, the senior analyst said:
The best-case scenario here for those who have already positioned themselves is that we will find support at the previous low levels of $650 billion market value range or probably $15,000 to $16,000 for Bitcoin.
Nicholas Merten bases his pessimistic forecast on the further tightening of liquidity due to the Federal Reserve’s ongoing hawkish stance, which also has a negative impact on stocks. Bitcoin has traded mostly sideways, and its price dropped by 4.0% last week following the hawkish message from the Federal Reserve’s September meeting.
The largest cryptocurrency by market value is currently trading around $26,044, down 2.1% in the last 24 hours on Monday. The second most valuable cryptocurrency, Ethereum (ETH), experienced a 1.6% drop and remained below the $1,600 level. Additionally, other Bitcoin chart analysts predict that BTC‘s price will enter a new bull market in the near future.
Analyst’s Comment on Bitcoin!
Meanwhile, senior crypto analyst Rekt Capital believes that the current stagnation of BTC is an opportunity to buy before the Bitcoin halving event next year. The analyst states that previous halving events have proven to be a super rally for Bitcoin’s price.
Other analysts pin their hopes on the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) in 2023. For example, Mark Yusko, the investment officer and CEO of hedge fund Morgan Creek Capital Management, argues that the approval of BlackRock’s spot ETF would significantly increase buying pressure on BTC. Mark Yusko stated the following regarding the matter:
I believe the ETF will be approved by the end of the year… This would open the floodgates to a massive capital inflow. Let’s say a tenth of one percent of the projected $30 trillion came in, that’s $30 billion… $30 billion versus $100 billion? That would move the price.
