Analyst Nicholas Merten allowed the possibility of the bitcoin rate to fall to $13 700
According to the specialist, the price of BTC has not yet hit the bottom, despite reaching a local low of $17 600, recorded on June 18
24.06.2022 - 18:40
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Cryptocurrency analyst Nicholas Merten believes that the bitcoin rate will not start to grow after it reached a local low of $17 600 on June 18. According to the expert, even if the asset will show short-term growth and return to the range of $22 300, its correction can reach 80%.
According to Merten, going from a 75% correction to an 80% figure would mean a drop in the price of the asset from $17 500 to about $13 700.
Although Merten is not certain that the value of the first cryptocurrency will actually fall 80% from its all-time high (ATH) of $69 044 recorded on November 10, 2021, macroeconomic volatility could force the asset to go down, despite the trends it has shown in the past.
As of June 24 at 14:50 UTC, BTC is trading at $21 115, having gained 2,57% in 24 hours, according to cryptocurrency exchange Binance.
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