Crypto Analyst Predicts More Trouble Ahead For Bitcoin Price, Here’s Why
2023年9月21日 - 5:45PM
NEWSBTC
Crypto analyst Nicholas Merten has given an insight into the future
trajectory of the Bitcoin price, suggesting that the flagship
cryptocurrency may experience turbulent times ahead. The Calm
Before The Storm For Bitcoin In a recent episode of his YouTube
channel DataDash, Merton mentioned that Bitcoin, other altcoins,
and the broader asset market were on the brink of a major move as
several macro factors were coming together. He further went ahead
to discuss how these different “dominos” could “potentially
cause a lot of pain in the economy.” Related Reading: Bearish
Signal? Bitcoin Whale Wakes Up From 6-Year Slumber And Transfers
$56 Million The first macro factor he mentioned was equities.
According to him, the direction of equities and the broader assets
are going to have a “direct impact” on Bitcoin. He showed a direct
relation between the equity market and the crypto market as coins
began to pick up at the beginning of the year, right around when
the former was on a high. However, he pointed out that the equity
market has been relatively quiet as the narratives that are meant
to push it higher haven’t done the job. As such, he believes that
if stocks like Apple’s, Microsoft’s, and Fang’s (basically the
stocks of major tech companies) don’t start picking up, then there
could be a “really big problem” (most likely in reference to the
crypto market). Re-Inflation On The Rise Another factor that he
emphasized was the inflation data. Merton seemed to suggest that
the Fed wasn’t doing enough to curb inflation and bring it down to
the target of 2%. According to him, the Fed could have taken a more
stringent approach by raising the rates by 75 basis points or even
100. The inflation rate is known to have a significant impact
on the crypto market, as a higher rate means that investors may
have little or nothing to spend in the crypto market. Merton noted
that it is evident that the Fed isn’t doing enough as the prices of
several goods and services (including energy) seem to be
re-inflating. He made a comparison to the ‘70s when inflation
was also at an all-time high and stated that if this time is nearly
similar to then or if there is a trend, then it could be a “huge
problem.” Related Reading: Is $10,000 Possible For XRP Price?
Crypto Analysts Weigh In Some may argue that the ‘70s were extreme
times, especially with the oil embargo, which makes it different
from this period. However, Merton noted that there isn’t much
difference as we have the situation with BRICS, which suggests that
the world is de-globalizing and nations are less trusting of one
another. This would invariably affect trade deals and foreign
relations, something which Merton believes would have “inflationary
pressures,” and the Fed is well aware of this. He stated that the
major reason we are experiencing this re-inflation is because
supply and demand aren’t balanced. According to him, there is
excess money in the system due to the “excess printing of money”
which people got rich off and the stimulus checks during the COVID
era. As such, there is so much purchasing power without there being
enough supply to meet these demands. BTC price drops below $27,000
once again | Source: BTCUSD on Tradingview.com Featured image from
iStock, chart from Tradingview.com
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