Popular crypto analyst Nicholas Merten revealed the “worst case scenario” for Bitcoin (BTC) and Ethereum (ETH) price.
Merten told 516,000 YouTube subscribers that the possibility of the Bitcoin price falling to $10,000 or even $20,000 is “utterly impossible.”
The crypto analyst pointed to a chart that shows the combined market cap of Bitcoin and Ethereum.
The analyst noted that the combined market cap of leading crypto assets Bitcoin and Ethereum has never returned below the mid-zone of a previous bull market. Total market cap also managed to stay above the previous bull market highs, according to Merten.
“It hasn’t happened before. It just didn’t happen during the bear markets here, either, after setting all-time highs. This hasn’t happened before in the past and I don’t think it will happen anytime soon, but there is a potential range here where we could see prices drop a little bit more.”
The combined market capitalization of Bitcoin and Ethereum currently stands at around $1,075 trillion. Merten thinks that this number could decline by more than 15% to $850 billion. This prediction places Bitcoin price in the low $30,000 range and ETH in the mid-$2,000 range.
Finally, Merten underlined that these levels are the worst-case scenarios for leading cryptocurrencies.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.