Popular crypto analyst Nicholas Merten is outlining what he thinks is the “worst-case scenario” for Bitcoin (BTC) and Ethereum (ETH).
Merten tells his 516,000 YouTube subscribers that the possibility of BTC dropping to $10,000 or even $20,000 is “completely out of the question.”
The crypto analyst points to a chart displaying Bitcoin and Ethereum’s combined market cap.
He notes that the aggregate market cap for the two leading crypto assets has never come back down to mid-range territory from a previous bull market. The aggregate market cap has also managed to stay above the highs of the previous bull market, according to Merten.
“It just hasn’t happened before. Only during bear markets here, not after we’ve set new all-time highs. It just hasn’t happened before in the past, and I don’t think it’s going to be happening any time soon, but there is a potential range here where we could see price decline a bit further.”
Bitcoin and Ethereum’s aggregate market cap sits at nearly $1.075 trillion at time of writing. Merten thinks it’s possible that number could drop all the way to $850 billion, a more than 15% decrease.
That puts BTC in the low $30,000s range and ETH in the mid $2,000s range, according to the analyst. Merten highlights that those levels are the worst-case scenarios for the top tokens.
Bitcoin is trading at $38,588.73 at time of writing and Ethereum is changing hands for $2,848.67.
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Source: https://dailyhodl.com/2022/05/03/analyst-predicts-worst-case-scenario-for-bitcoin-btc-and-ethereum-eth-as-crypto-markets-correct/