Crypto Analyst Nicholas Merten Says Fed Money Printing Won’t Trigger New Bitcoin (BTC) Rally – Here’s Why
A closely watched crypto strategist says Bitcoin (BTC) is unlikely to ignite new rallies even if the Federal Reserve turns on the money printers again.
In a new video update, Nicholas Merten, the host of DataDash, tells his 511,000 YouTube subscribers that he thinks the royal crypt will fall to around the $14,000 range even if the Fed starts printing money again, which he says caused BTC’s price to rise in. currently.
“Bitcoin, like other assets, is going through a period where the Fed can no longer bail it out with the kind of excess money it had in the past, and we need to keep that in mind.”
According to Merten, the top crypto asset by market capitalization is currently in the midst of a relief rally, and he expects it to crash back to the levels it was at when FTX, a former prominent crypto exchange, collapsed last November.
“I want to go ahead and emphasize again here that it is [I] believe is going to happen. [I] think it’s a relief rally. It’s going to roll over and go back towards new lows or relatively close to the FTX collapse around $14,000 [or] $15,000.”
Merten also explains why he thinks former Coinbase CTO Balaji Srinivasan’s recent million-dollar investment in Bitcoin will go wrong.
“Talking heads like Balaji who are getting a little too confident in their bets, they need to be confident because the momentum is behind them now, they say and convince you of the idea that to secure your wealth, you have to get your money out of the bank. You have to get it into Bitcoin.
It’s almost guaranteed [they] put a million dollars there, therefore it must be real. Don’t listen to talking heads like that [Srinivasan] which tells you to [put] absolutely everything or you are [going to] lose all your money right now. The only time you should listen to it is when you have people warning you about taking excessive risks that could cause you to lose your money, like leverage trading.”
At the time of writing, Bitcoin is worth $27,598.
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