Crypto Expert Warns Of $440 Billion Wipeout, Shares Concerning Prediction About Bitcoin By Benzinga

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Crypto Expert Warns Of $440 Billion Wipeout, Shares Concerning Prediction About Bitcoin

Published Sep 24, 2023 16:42 Updated Sep 24, 2023 18:10

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Crypto Expert Warns Of $440 Billion Wipeout, Shares Concerning Prediction About Bitcoin

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Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.

Crypto analyst Nicholas Merten has sounded the alarm, forecasting a significant contraction in the total market capitalization of Bitcoin (CRYPTO: BTC) and various other digital currencies.

What Happened: Merten's insights point toward a looming correction in the market. In his latest YouTube video last week, he predicted a hefty $440 billion shrinkage from the crypto market's current valuation.

Merten said he foresees Bitcoin facing a plunge of over 43% from its prevailing price, with the market potentially finding a foothold around the $650 billion cap and Bitcoin stabilizing between $15,000 and $16,000.

“The best-case scenario here for those who’ve already positioned themselves is that we’re going to find support prior lows at around the $650 billion market cap range or for Bitcoin likely around that $15,000-$16,000 range,” he said.

The anticipated downturn is attributed to the persistent hawkish approach of the Federal Reserve, leading to a reduction in liquidity and negatively impacting the performance of stocks such as Microsoft Corporation (NASDAQ: MSFT) and Apple Inc. (NASDAQ: AAPL).

Also Read: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: 'This Is The Beginning'

“If big tech plays like Microsoft or let alone Apple here — take a look at this Apple monthly candle, 7.4% to the downside here — if these stocks, these multi-trillion dollar assets, are moving lower, bond yields are going up, the dollar is becoming more scarce, what do you think this is going to do to crypto in a world of increased uncertainty and volatility? Are people really going to be rushing to Bitcoin?" Merten asked.

While Merten said he recognizes the appeal of Bitcoin due to events like the halving and its capped supply, he argued that Bitcoin’s prosperity is more aligned with periods of monetary expansion characterized by the introduction of fresh money and credit, rather than during monetary contractions.

At the time of writing, Bitcoin was trading at $26,593.95, up by 1 percent in the last seven days.

Now Read: Here's Why One Analyst Says The Worst For Bitcoin May Not Be Over

Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Read the original article on Benzinga

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