Analyst Predicts This Worst-Case Scenario For Bitcoin Amid Crypto Market Plunge

By May 7, 2022Bitcoin Business
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Crypto market analyst Nicholas Merten says the top two cryptocurrencies are likely to see more downside ahead, after the apex crypto dropped below $36,000 on Friday, following a sell-off in U.S. equities.

to go down to $30,000, but it will never touch the $20,000 mark. is heading to sub-$900 billion.

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"While we could expect some further price decline, there is a limit, a threshold where it genuinely makes sense at the end of the day to see price go down, until we start to see people limit buying and also leading the charge on the market order flow, which is going to drive the price back up," says Merten.

Merten adds that BTC never actually fell as low as the preceding cycle's peak, even after significant drops.

The Bitcoin dropped below $36,000 on Friday, following a sell-off in U.S. equities. It is down over 8% this week and has fallen nearly 50% from last year's all-time high.

Popular trader Anbessa highlighted the planned support level to buy Bitcoin in what he described as a "fakeout" — a zone beginning at just under $33,000.

#Bitcoin Update

Twitter friendly, easy words

BTC support, BTC fakeout we want to buy. Chop very profitable it was. Now waiting for final HTF entry we do.

Superior we are. pic.twitter.com/Lt5XT5rRKw

— AN₿ESSA (@Anbessa100) May 6, 2022

At the time of writing, Bitcoin was trading at $35,940, almost 6.32% down in the last seven days.

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