Popular cryptocurrency analyst Nicholas Merten expects the price of the crypto king Bitcoin (BTC) to drop due to a potential factor. The analyst warns that the price of Bitcoin could retreat to a range of $10,000 to $12,000.
China’s Apple Move Could Crash Bitcoin and Altcoins, According to Analyst
DataDash host and cryptocurrency analyst Nicholas Merten warned that if Apple’s market value continues to decline, Bitcoin could drop by over 60% from its current value. According to Merten, the decline in Apple’s market value will cause not only Bitcoin but also other stocks to collapse:
We cannot live in a fantasy world where Apple’s transformation from a $3 trillion company to a $1.5 trillion company does not have any impact on Bitcoin. I must tell you that it will have a bigger impact than any block reward halving, any Bitcoin ETF, or any narrative you can think of.
I’m not saying it’s guaranteed, but considering it as a possible scenario, if this scenario happens, we may see Bitcoin hitting a new low around $10,000 to $12,000.
When Apple’s market value drops by $200 billion, there is a reason we pay attention to it. These small percentage drops, although they may seem small, they grow when you consider their significant impact on Apple’s valuation, other stocks like Microsoft, FANG (Facebook, Amazon, Netflix, and Google), the entire stock market, and even your favorite altcoins from Bitcoin.
China Expands iPhone Ban
Tech giant Apple reached a market value of $3 trillion in July, but after China expanded the ban on iPhones to include more government agencies and institutions, Apple shares dropped significantly.
The use of iPhones or foreign products in critical government agencies in China was already prohibited for employees, but recently this ban was significantly expanded to include government-backed institutions and state-owned companies beyond sensitive departments. The market value of the US tech giant dropped to $2.79 trillion, and market experts warn that this decline could continue.
