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Crypto analyst Nicholas Merten, who is closely followed in the crypto world, has warned that the largest cryptocurrency Bitcoin (BTC) will likely remain in a downtrend for a while longer. Despite being on the bearish side, Merten also added that he does not expect a deep correction towards relatively low levels like $15,000.
Bitcoin Investors Face a Challenging Path
DataDash host and crypto analyst Nicholas Merten warned investors that despite the narrative of Bitcoin’s rising trend, it will likely remain in a downtrend due to the decreasing liquidity caused by the continued hawkishness of the US Federal Reserve. During his bearish warning, the analyst stated:
How can Bitcoin reach new all-time highs? I know some people will say ETFs (exchange-traded funds) or de-dollarization, BRICS, or banks turning to Bitcoin, but all these narratives have proven to be empty. We were one of the few YouTube channels to warn that we are not yet ready for such a rise. Of course, this does not mean that everything will collapse. This does not mean that the price of Bitcoin will drop to $15,714. That’s not what we mean.
When we say that things will collapse, we mean that things will start to fall and that people’s expectations that have previously made them optimistic will be disappointed, and it will be a long and steady downward torment when it comes to price movements and the continuation of the bear market.
Unfortunately, many people will liquidate. They will lose their money, and a large portion of the excess money causing inflation in the system will be cleaned out and taken away from ordinary people. We are going through a difficult period, and we will get through it. That’s how things work. The Fed has a job to do.
At the time of writing this article, Bitcoin is trading at $27,127, recording a 0.18% decrease in the last 24 hours. Data shows that the largest cryptocurrency has risen by 3.51% in the past 7 days and by 3.98% in the past 30 days.
“Risks Exist in Global Markets, Just Like in the Crypto Market”
Merten highlighted that not only Bitcoin and altcoins but also stock markets are heading towards a downtrend due to challenging macroeconomic conditions. He stated:
We need to spend some time discussing the calm before the storm. I believe we are on the verge of a major movement, not only in Bitcoin and altcoins but also in all asset markets.
Many macro uncertainties are finally coming to the surface. This can potentially cause a lot of pain in the economy.
