The $19,500 resistance area was broken again by BTC price. However, it struggled and created a temporary top near $19,400, the top it reached before falling; Both the $19,000 price barrier and the 100 hourly SMA have been moved down.
The pair, which has been losing ground, recently traded as low as $18,645 before posting a small gain above it. One of the most prominent crypto analysts, Nicholas Merten, has predicted that a big drop in tech stocks will propel Bitcoin (BTC) to fresh bear market lows.
Merten recently updated his 514,000 YouTube subscribers on his latest prediction that major tech benchmarks like the Nasdaq are overdue for a 50 percent drop from their all-time highs.
“As a general rule, we believe technology indices like the NASDAQ should correct by at least 50% based solely on our current position.”
According to his forecast, the stock market is likely to have a catastrophic 40%, 50%, or 60% correction. This is in stark contrast to the many 15% to 30% losses Bitcoin has suffered over the past decade, followed by a rapid recovery.
He added that nobody knows exactly when or how low the market will fall, but he does want to offer a target: If the Nasdaq falls another 28% through the first quarter of 2023, that’ll take us down [its] All-time highs around 50% to 50.5%.
BTC falling again?
According to Merten, the decline in the Nasdaq is bad news for Bitcoin, and it provides a rough estimate of the value of the most popular cryptocurrency.
Bitcoin would remain neutral against the Nasdaq, so if you look at a balanced drop in Bitcoin price from where it is now, that will take us to around $13,600-$14,000 (level).
Bitcoin is up 1.7% today to $19,134 (at the time of writing). If Merten’s range falls, the Bitcoin price falls by almost 28%.
Bitcoin (BTC)’s cataclysmic events are not abating, and the coin’s wild price swings have worried short-term investors, with many giving up hope of a recovery this year.
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