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Imminent Bitcoin (BTC) crash: Nicholas Merten hits again!

Thu 06 Apr 2023 ▪ 3 min of reading ▪ by La Rédaction C.
Invest Trading

Five months ago, Bitcoin was trading below $16,000. Enthusiasts were feeling down at that time, but they were not giving up. Now they’re seeing their bravery pay off: the cryptocurrency is selling for over $28,000 a coin. That’s enough to make the people who have been waiting for the bull run cheer for a long time. But not for Nicholas Merten, a notorious analyst in the cryptosphere.

bitcoin-crash-de

Nicholas Merten, the party pooper

At the end of January, Nicholas Merten already warned crypto-enthusiasts that the bitcoin 2023 bull run is a “false mirage.” According to him, the fact that Jerome Powell, author of a plan that could wipe out BTC, is following the stock markets very closely, would not help the situation.

In an article published on April 3, The Daily Hodl highlighted a new prediction by the DataDash founder about bitcoin and other crypto assets. According to him, cryptocurrencies will experience a dramatic drop this year.

The worst time to jump in is when you’re giving up false hope that the Fed will be able to just print massive amounts of money and unfortunately I know a lot of people have been upset about QE (quantitative easing) continues, but not enough to spur another bull market. The fact that the Fed has continued to raise interest rates over the past month is a sign of this [the] The Fed will continue to do its job, it is doing the bare minimum.,” argues this crypto analyst followed by 512,000 subscribers on YouTube.

What do you think is the common thread for these two predictions? The Fed and Jerome Powell, of course.

Nicholas Mertens in the middle of a “bitcoin bank run” presentation

Diverging predictions around the price of bitcoin

Merten, argued that “we can see [that] We are entering this potential resistance band which has not been broken again since January, this is going to be a real test for the market here and we think we will come down and really get that typical 85% correction [from the all-time highs].”

So, in case the cryptocurrency market doesn’t pass this test, we can kiss those billions in market capitalization that the sector currently represents goodbye.

Regarding other predictions about the price of bitcoin, some very optimistic analysts believe that it will reach 1 million dollars in 3 months. Others, more realistic like TARA and DonAlt, are predicting an upward revision to over $30,000. In a nutshell, bitcoin is freedom, an emancipation for all.

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La Rédaction C. avatar
La Rédaction C.

L'équipe éditoriale de Cointribune unit ses voix pour s’exprimer sur des thématiques propres aux cryptomonnaies, à l'investissement, au métaverse et aux NFT, tout en s’efforçant de répondre au mieux à vos interrogations.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.