Crypto Analyst Nicholas Merten Says Fed Printing Money Won’t Spark New Bitcoin (BTC) Rally — Here’s Why
A closely followed crypto strategist says Bitcoin (BTC) is unlikely to spark fresh rallies even if the Federal Reserve turns the money printers back on.
In a new video update, DataDash host Nicholas Merten tells his 511,000 YouTube subscribers that he believes the crypto king will fall to around $14,000 even if the Fed starts printing money again, which he thinks after the past has pushed up the price of BTC.
“Bitcoin, like other assets, is going through a time when the Fed can no longer bail it out with the kind of excess money it has had in the past, and we need to keep that in mind.”
According to Merten, the top crypto asset by market cap is currently in the midst of a recovery rally, and he expects it to plummet back to the levels it was at when FTX, a former prominent crypto exchange, collapsed last November .
“I want to go ahead and reiterate here that this is what it is all about [I] think this will happen. [I] think it’s a relief rally. It will reverse and go back to new lows or relatively close to the FTX breakdown lows around $14,000 [or] $15,000.”
Merten also explains why he believes former Coinbase Chief Technology Officer Balaji Srinivasan’s recent multi-million dollar bet on Bitcoin will go awry.
“Talking heads like Balaji who are getting a little overconfident about their bets need to be confident because the momentum is behind them now, they say, convincing you of the idea that in order to protect your assets, you need to do it. You need your money.” get from the bank. You have to get it in bitcoin.
It’s almost guaranteed [they] Put a million bucks in it, so it must be legit. Don’t listen to talking heads like [Srinivasan] who tells you [put] absolutely everything or you are [going to] lose all your money now. The only time you should listen is when you have people warning you not to take excessive risks that could result in you losing your money, like leverage trading.”
At the time of writing, Bitcoin is worth $27,598.
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