Bitcoin is setting up to collapse. Nicholas Merten calls a new low for BTC

According to the expert, the first cryptocurrency has not yet reached the level of correction of previous declines

04.10.2022 - 12:50

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What’s new? Crypto analyst Nicholas Merten said in his new YouTube video that bitcoin is probably setting up for another collapse. In his view, the price of the first cryptocurrency could fall as low as $13 000. Merten believes that the current bear cycle does not last as long as previous ones, so it is too early to talk about recovery. As of October 4, 11:20 UTC, BTC is trading at $19 959, having gained 3,98% per day, according to cryptocurrency exchange Binance.

What else did the analyst add? Merten built his prediction taking into account the previous market downturn, during which the first cryptocurrency showed an 84% correction. He noted that over the last seven months bitcoin has fallen only by 74% during the lows in July, so a correction to at least 80% should be expected. In this, he noted that over time, the duration of bear markets and the magnitude of the BTC correction decreases, but at the moment the asset is not yet ready for a rebound.

In September, Bloomberg’s senior commodity analyst Mike McGlone said that the “macroeconomic global winter” could last up to three years. At the same time, he believes that by 2025, bitcoin will hit the $100 000 mark and Ethereum the $6000 mark. McGlone also noted that the current crypto winter would destroy some projects, while meaningful projects would be able to survive it.

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