A prominent crypto expert predicts that a big drop in tech stocks would send Bitcoin (BTC) prices to new bear market lows.
Popular crypto analyst Nicholas Merten tells his 514,000 YouTube followers in a recent video update that he thinks technology indexes such as the Nasdaq are destined for a 50% decline from their highs.
We are long ready for a real recessionary bad market, depressionary bear market, in which instead of the 15% to 30% drops that we’ve seen several times in the previous decade, followed by rapid recoveries, we should anticipate a severe correction that will take us down 40%, 50%, or 60%.
“I don’t want to name the exact date nor the exact number that we’re going to go to because nobody really knows, but I want to give ourselves a goal post that, conceivably, in the next months leading up to the first quarter of 2023, we might see the Nasdaq fall another 28%, which would take us from [its] all-time highs down to 50 to 50.5%.”
Merten believes that such a decrease in the Nasdaq is terrible news for Bitcoin and provides a ballpark price objective for the top cryptocurrency.
Considering that Bitcoin’s value would remain stable relative to the Nasdaq’s, we can see that a fall in Bitcoin’s price from its current level would bring it to around the $13,600 to $14,000 range, according to the Bitcoin price chart.
Bitcoin is trading at $19,134 at the time of writing, representing a daily increase of 1.7%. A drop in Merten’s pricing range would result in a 28% decline for Bitcoin.