Cryptoanalyst Issues Warning, Gives Bearish Bitcoin Price Target As BTC Loses $20,000 Level
Popular crypto analyst Nicholas Merten says the price of Bitcoin (BTC) is most likely setting the stage for another collapse into new bear markets.
Merten warns his 516,000 Youtube subscribers that the current bear market has not lasted as long as previous cycles, nor has the price of BTC fallen as low.
He says that while Bitcoin bear markets tend to become less severe over time, BTC still hasn’t matured enough to get away with just a 74% correction.
“While we are seeing weaker and weaker bear markets as time goes on with each bear market, I would point out here that we are not likely to fall all the way from an 84% correction, which we had in the last bear market of 2018, all the way to only a 74% correction over seven months.”
Merten says the argument can be made that the bull market ended in April 2021, which would theoretically bring the end of the bear market a little closer in the future. However, the analyst says he takes the position that the bear market started in November, when both BTC and the stock market hit their recent highs.
Merten predicts another leg to the Bitcoin bear market that puts BTC near the $13,000 level.
“If people are saying the bottom we set in June was the lowest here, we’re talking about a 74% price correction, and on top of that just seven months of decline. Some might argue again that we were actually at the top here, it’s been 14 months. And while I’d say there’s a fair argument for that, altcoin valuations did very well in this secondary rally, and we hit a new all-time high of around $3 trillion.
So I think the peaks in November make sense because that’s not only where crypto peaked, but stocks as well. So if you’re in that camp, if you’re betting on the best case scenario, you should be looking at an 80% drop at a minimum. Now, interestingly here, this takes us much lower here towards around $13,000.”
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
