The downtrend is actively continuing in the crypto market. A well-known crypto analyst recently explained that the tech indices will soon face a big correction. He mainly referred to the Nasdaq whose price fell abnormally recently. For this cryptocurrency analyst, an upcoming fall in the Nasdaq will impact 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 tech indices like the Nasdaq is to be expected. A real downtrend is coming, with a much more severe correction than what we have seen so far. Thus, the technological indices could fall by 40%, 50% or 60%. Values well above the lows of 15 to 30% observed in the past.
For Merten, the Nasdaq could cause bitcoin to fall. The decline in the tech index could cause the price of the flagship crypto to plummet. BTC could then drop to a level of $14,000, even 13,600 dollars, he estimated. Note that yesterday, bitcoin traded around $19,134, which represents a gain of 1.7% in 24 hours. Based on Merten’s words, it could experience an initial drop of 28% before falling further.
The crypto analyst clarified that he cannot say exactly when the tech 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 on the alert with the various crashes observed in the crypto market. While some signals show signs of a future upside, others point to a continuation of the downtrend especially on the bitcoin (BTC) market.
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