The downtrend is actively continuing in the crypto market. A well-known crypto analyst recently explained that the technology indices will soon face a major correction. He mainly referred to the Nasdaq whose price has fallen dramatically recently. For this cryptocurrency analyst, an upcoming fall in the Nasdaq will affect the bitcoin (BTC) market.
The Nasdaq could suffer a devaluation of more than 50%
Crypto analyst Nicholas Merten recently claimed on his YouTube account that a devaluation of technology indices like the Nasdaq is expected. A real downturn is coming, with a much sharper correction than we’ve seen so far. Therefore, the technological indices could decrease by 40%, 50% or 60%. Much higher values than the lows of 15 to 30% observed in the past.
For Merten, the Nasdaq could cause bitcoin to fall. The decline in the technology index could cause the price of the crypto flagship. BTC could then fall to the $14,000 level, worth 13,600 dollars, he estimated. Note that yesterday bitcoin traded around $19,134, representing a gain of 1.7% in 24 hours. Based on Merten’s words, there could be an initial drop of 28% before falling further.
The crypto analyst clarified that he cannot say exactly when the technology index will fall. He added that no one can predict the exact value of the Nasdaq when it fell. However, the Nasdaq may record a 28% drop before the end of the first quarter of 2023.
Investors are wary of the various crashes observed in the crypto market. While some signals indicate signs of upside in the future, others indicate that the downward trend continues especially in the bitcoin (BTC) market.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass my pen knowledge related to this ecosystem.