Bitcoin Could Nosedive by Over 60% Due to One Massive Factor, Warns Crypto Analyst Nicholas Merten
A widely followed crypto analyst is warning that Bitcoin (BTC) could plummet on account of one potential factor.
In a new strategy session, DataDash host Nicholas Merten tells his 512,000 YouTube subscribers that Bitcoin could decline by more than 60% from its current value if Apple’s market cap continues to decline.
According to Merten, a plummeting Apple market cap will cause Bitcoin, as well as other equities, to collapse along with it. Apple reached a $3 trillion market cap in July but has declined to $2.79 trillion at time of writing.
“We can’t live in some fantasy world where if Apple is contracting from a $3 trillion company to a $1.5 trillion company that that is not going to have some impacts on Bitcoin. And I got to tell you… that that will have a bigger impact on Bitcoin than any halving event, any Bitcoin ETF, any narrative you can think of.
If that scenario plays out, I’m not saying it’s a guarantee, but I think it’s a likely scenario. If that plays out, you can easily see Bitcoin coming down here to new lows at around $10,000 to $12,000…
There’s a reason when Apple drops $200 billion in market cap we got to listen to that. Those small percentage declines, while they seem small, are magnified when you consider Apple’s valuation and the weighted impact it’s going to have on other equities like Microsoft, the FANG (Facebook, Amazon, Netflix and Google) stocks, and even the broader stock market as a whole and even cryptocurrencies, from Bitcoin to your favorite altcoins.”
Bitcoin is trading for $25,890 at time of writing, down 1.6% in the last 24 hours.
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The post Bitcoin Could Nosedive by Over 60% Due to One Massive Factor, Warns Crypto Analyst Nicholas Merten appeared first on Crypto News Australia.
Filed under: Bitcoin - @ September 9, 2023 12:13 pm