Bitcoin and Altcoins Brace for Bearish Cycle, Warns Crypto Analyst
Crypto analyst Nicholas Merten has warned of a prolonged bearish trend for Bitcoin (BTC) and altcoins, in a recent strategy session shared with his 512,000 YouTube subscribers on Wednesday. The host of DataDash attributed this prediction to contracting market liquidity due to the Federal Reserve's hawkish stance.
Merten dismissed optimistic narratives about Bitcoin smashing new all-time highs through methods such as ETFs (exchange-traded funds), de-dollarization, BRICS, or Bitcoin bank runs. He clarified that while some anticipate a market collapse or a decline in Bitcoin's price to $15,714, he foresees a steady grind to the downside instead.
The analyst predicts this downturn will lead to many individuals being liquidated and excess money contributing to inflation being taken out of the system. According to him, this could herald a challenging period for the economy.
Merten also expressed concerns over the broader asset markets, including equities. He believes that they are on the cusp of a major shift due to rising macroeconomic uncertainties. At the time of his statement, BTC was trading at $27,179, marking a decrease of 0.5% in the last 24 hours.
Despite these predictions, Merten emphasized that it is important to remember that the Federal Reserve has a responsibility to manage the situation. His comments underline the interconnectedness of cryptocurrency markets with broader macroeconomic conditions and monetary policy decisions.
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