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This Is The Worst Situation For Bitcoin (BTC), According To Crypto Analyst Nicholas Merten – The Daily Hodl

Bitcoin News > This Is The Worst Situation For Bitcoin (BTC), According To Crypto Analyst Nicholas Merten – The Daily Hodl

A prominent crypto analyst is looking at historical data to determine whether Bitcoin (BTC) has indeed bottomed out after enduring a prolonged downtrend.

In a new strategy session, Nicholas Merten careful His 516,000 YouTube subscribers fend off feelings of over-excitation about Bitcoin hitting weekly lows after BTC briefly dipped below $18,000 on Saturday.

“I don’t want people to get caught up in the excitement. Although I feel that we could see a day or so of upside, maybe even a return to this range here. [around $22,300]I want to emphasize what the difference between our current position, this 75% correction and the 80% correction might look like.

One of the biggest difficulties some people have is understanding how a percentage drop can get exponentially worse, even though you’re only technically reducing it in the percentage sense. percentage of a few single-digit points.

If we go from 75% to a typical 80% correction, what would that look like? It won’t just be a few hundred dollars or a thousand dollars downo, we’re going from $17,500 Bitcoin price all the way down to around $13,700. Testing towards that $14,000 range where we saw price peak, or at least establish a temporary top, during the bull market in June 2019.”

The strategist went on to say that while he is not certain Bitcoin will actually drop 80% from its November 2021 all-time high above $69,000, broader macroeconomic volatility could be expected. forcing the crypto king to fall despite historical trends and underlying strength.

“While I would normally expect corrections to weaken over time and they have been historically weak, we would probably get a typical 80% correction considering the macro environment that we are in the present.

It’s an important thing to stay open here, so as not to go all out in this case.”

At the time of writing, Bitcoin up more than 4% in the last 24 hours, trading for $20,811.

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Disclaimer: The opinions expressed at The Daily Hodl are not investment advice. Investors should do due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.

Featured photo: Shutterstock / Alberto Andrei Rosu



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Teja
Teja
I am passionate about journalism and using new technology to spread news. I am also interested in politics and economics, and I am always looking for ways to make a difference in the world. I am the CEO of Janaseva News, and I am 24 years old.
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