Popular analyst Nicholas Merten has drawn up a timeline for the Bitcoin (BTC) cryptocurrency to recover from the collapse of cryptocurrency exchange FTX and its related entities.
In his speech to 512k YouTube subscribers, Nicholas Merten states that another drop is more likely, with the leading cryptocurrency Bitcoin (BTC) showing obvious weakness as it remains below the 200-week moving average. It sets a price target of around $13,600 for a possible Bitcoin bear market bottom. Merten expressed his expectations with the following words:
“We’re well below the 200-week moving average. This is a first in Bitcoin history. On top of that, we’re just taking a look at the top-down percent drop. We’ve hit about 77.6 percent. It certainly seems to be approaching the 80 percent target that I think most of us would agree with. It’s probably what we should expect. It’s more cohesive, but it’s important to take a step back again and again.
Another thing I should remind you here is that the additional 3 or 4 percent for Bitcoin requires a lot of effort. That would put us well below the $14,000 target, around $13,600. Again, while everyone has different opinions on this subject, I can say that it is necessary to be a little more cautious. If you are really trying to buy the drop. And if you don’t expect the trend to reverse, we can expect something around $10,000 in this pocket, probably around 82 percent and 84 percent, when we hit this big even number.”
Merten said the collapse of FTX, combined with other recent failures by crypto lender Celsius and brokerage firm Voyager, will likely keep prices consolidating for at least a year, possibly two more. Famous crypto analyst Nicholas Merten, evaluating the situation of FTX and explaining what kind of future he expects for Bitcoin, Merten used the following statements in his closing speech:
“I know a lot of people want to buy flash dips here. But as you can see, the price will stay at the bottom for a long time before it gets better. And it will keep consolidating. Trust me on that. This whole situation that FTX is in is a mess. For this industry. It’s a shame. Believe me, I don’t have the guts to say it. It’s going to set this industry back. Plus, everything with Celsius and Voyager and all the big investors out there will outlast this industry by a year. You can bet that it’s at least, potentially a year or two, with the distrust this will create for institutions.”
The overall value of the cryptocurrency markets, on the other hand, started to decline after the bankruptcy of FTX. The value of the crypto money market, which has decreased by 2.5 percent in the last 24 hours, instantly decreased to 865 billion dollars. On the other hand, the price of the leading cryptocurrency BTC has lost 23% in the last week. Instantly, the leading cryptocurrency Bitcoin (BTC) is trading at $ 16,531. Solana is one of the cryptocurrencies that lost the most value in altcoin markets. Solana (SOL) is described as the most depreciated altcoin project, with a 50 percent drop right after the FTX collapse.