The $19,500 resistance area was breached once more by the BTC price. However, it struggled and created a transient top close to the $19,400 mark, the peak it acquired before falling; both the $19,000 price barrier and the 100 hourly SMA were moved down.
The pair, which has lost ground, recently traded as low as $18,645, above which there was a small gain. One of the most prominent crypto analysts, Nicholas Merten, has predicted that a big downturn in tech stocks will push Bitcoin (BTC) to new bear market lows.
Merten recently informed his 514,000 YouTube subscribers about his latest prediction that major technological benchmarks like the Nasdaq are overdue for a 50% decline from their all-time highs.
“As a general rule, we believe that technology indices like the NASDAQ should correct by at least 50% solely based on where we are currently.”
According to his forecast, the stock market will likely have a catastrophic correction of 40%, 50%, or 60%. This starkly contrasts with the many losses of 15%-30% that Bitcoin has experienced over the last decade, followed by a swift recovery.
He further added that no one knows for sure when or how low the market will go, but he does want to offer a target: if the Nasdaq falls another 28% between now and the first quarter of 2023, that will bring us down from [its] all-time highs by roughly 50% to 50.5%.
Fresh Decline in BTC?
According to Merten, the decrease in the Nasdaq is bad news for Bitcoin, and he provides a ballpark estimate for the value of the most popular cryptocurrency.
Bitcoin would hold neutral to the Nasdaq, so if you look at an equalized level of fall in Bitcoin’s price from where it is now, it will take us roughly down to the $13,600 to $14,000 (Level).
Bitcoin has climbed today by 1.7% to $19,134 (at the time of writing). If Merten’s range drops, the Bitcoin price will fall by almost 28%.
Bitcoin’s (BTC) catastrophic occurrences aren’t letting up, and the coin’s wild price swings have worried short-term investors, and many have given up hope for any recovery this year.
Was this writing helpful?