Analyst predicts worst-case scenario for Bitcoin (BTC) and Ethereum (ETH) as crypto markets are correct
Popular crypto analyst Nicholas Merten outlines what he sees as the “worst case scenario” for Bitcoin (BTC) and Ethereum (ETH).
Merten tells his 516,000 YouTube subscribers that the possibility of BTC falling to $10,000 or even $20,000 is “completely out of the question.”
The crypto analyst points to a chart showing the combined market cap of Bitcoin and Ethereum.
He notes that the aggregate market cap for the top two crypto assets has never dropped back into the mid-range from a previous bull market. The aggregate market capitalization has also managed to stay above the highs of the previous bull market, according to Merten.
“It’s just never happened before. Only here during bear markets, not after we set new all-time highs. It just hasn’t happened in the past and I don’t think it’s going to happen any time soon, but there is a potential range here where we could see further price decline.”
Source: Nicholas Merten/YouTube
The total market cap of Bitcoin and Ethereum is nearly $1.075 trillion at the time of writing. Merten thinks it’s possible the figure could drop to $850 billion, down more than 15%.
This puts BTC in the low-$30,000s and ETH in the mid-$2,000s, according to the analyst. Merten highlights that these levels are the worst-case scenarios for the top tokens.
Bitcoin is trading at $38,588.73 at the time of writing and Ethereum is changing hands at $2,848.67.
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