The famous Bitcoin (BTC) analyst predicts a correction that could push Bitcoin to lows in the new bear market. Meanwhile, the Messari research report analyzes how BTC’s volatility will move in the third quarter. Here are the details…
Nicholas Merten points to $13-14k for Bitcoin
Popular crypto analyst Nicholas Merten shared his new comments with 514,000 YouTube subscribers. He said he believes tech indices like the Nasdaq are linked to 50 percent devaluation from higher levels. The analyst said his overall goal is to at least expect tech indices like the NASDAQ to experience a 50 percent correction. According to the analyst, we are late to the 15-30 percent declines in the bear market, which is experiencing a “appropriate recession”. Instead, we are subject to drastic adjustments that will bring it down 40-50-60 percent. The analyst uses the following statements:
I don’t want to say the exact date or exact value we’re going to because nobody really knows about it, but I want to give ourselves a target in the coming months, potentially going into the first quarter of 2023. We could see the Nasdaq drop another 28%, which would put us down 50 to 50.5% from its all-time high.
Merten says such a drop for the Nasdaq is bad news for Bitcoin and gives a rough price target for the leading crypto asset. The analyst believes that if we consider that Bitcoin will remain neutral against the Nasdaq, BTC will fall by an equal amount. This will pull BTC to the $13,600-14,000 region.
Messari report: Third quarter volatility moves downward
Meanwhile, according to the latest report from crypto research firm Messari, Bitcoin’s volatility is on a downward trend in the third quarter. According to the research platform, the volatility of the cryptocurrency is seeing a slight recovery from June lows. cryptocoin.com As we reported, BTC once again fell below $20,000 in September. However, the key was the retest of the support at the $17,600 level seen in June and the key resistances near $25,000 in mid-August. Sami Kassab and Kuna Goel from Messari used the following statements:
Realized volatility is on a downward trend as Bitcoin recorded a gradual recovery in Q3. The average 30-day volatility for August was 60 percent. This level was over 80 percent in June.
Analysts added that the crypto saw much lower liquidation over the period due to low volatility in BTC. For example, total long-term liquidations were down more than 50 percent from $10.8 billion recorded in June. It was $5 billion in August. As for total short selling liquidations, the figure fell to $3.5 billion last month, compared to the $6.6 billion total liquidation seen in June. Messari noted that crypto prices are trading more like a tech stock while tracking the Nasdaq 100. Messari said the average correlation between BTC and the NASDAQ 100 is 0.6.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.