Experienced cryptocurrency analyst Nicholas Merten made a remarkable warning about the future of the crypto market.
Nicholas Merten is a cryptocurrency analyst and investor known for his popular YouTube channel DataDash. In his recent statements, he expressed serious concerns about the possibility of a major contraction in the value of cryptocurrencies. According to Merten, the crypto market may now be on the verge of a massive $440 billion depreciation.
This warning seems to be a reflection of the fluctuations and uncertainties that the cryptocurrency market has experienced recently. Merten notes that such a loss of value could greatly affect the prices of leading digital assets, especially Bitcoin (BTC). According to this prediction, the leading crypto asset could decline by 43% and eventually find support between $15,000 and $16,000.
“The best case scenario here for those who already have positions is that we will find support in the market cap range of around $650 billion, or possibly $15,000-$16,000 for Bitcoin.”
Merten also evaluated what the potential decline in the crypto market could lead to. According to the analyst, such a decline could be due to the Federal Reserve’s stubborn approach, which could lead to a decrease in liquidity, leaving a negative impact on the performance of leading technology firms.
Bitcoin is in the Accumulation Phase
PlanB, one of the leading crypto market analysts, said that Bitcoin is currently in the accumulation phase and describes it as “1st Stage” of the four stages mentioned in BTC’s market cycle. revealed that there is a “stage”.
Bitcoin still in stage 1, accumulation, on track!
Ps I changed the stage names into more intuitive ones:
🔵 stage 1 – accumulation
🟢 stage 2 – bull market
🟡 stage 3 – bear market
🔴 stage 4 – liquidation pic.twitter.com/QEdkGT5Xpe— PlanB (@100trillionUSD) September 17, 2023
According to the crypto analyst, phase 1 above will precede phase 2, which is the bull market phase, followed by phases 3 and 4. In particular, the 3rd and 4th stages appear as the bear market and liquidation stages, respectively. PlanB stated that the Bitcoin halving event, which he expects to take place in April 2024, could be the catalyst that could initiate the rise phase.
You can follow the current price movement here.