Bitcoin to Correct and Trade Sideways Amid FED Money Printing
Nicholas Merten, the host of DataDash, a popular cryptocurrency YouTube channel, predicts that Bitcoin (BTC) will not see any new rallies even if the Federal Reserve turns the money printers back on.
In a new video update, Merten, who has over 511,000 subscribers, says that BTC’s price will drop to around the $14,000 range even if the Fed starts printing money again, which he says caused the cryptocurrency’s price to spike in the past.
Merten’s BTC predictions
According to the analyst, the top cryptocurrency by market cap is experiencing a relief rally. He expects it to crash down to the levels it was when FTX, a former prominent crypto exchange, collapsed last November.
Merten explains that it is essential to keep in mind that Bitcoin, like other assets, is going through a period where the Fed can no longer rescue it with the kind of excess money it had in the past.
“I want to go ahead and again emphasize here that that’s what [I] think 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 lows around $14,000 [or] $15,000.”
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Balaji Srinivasan’s bet on Bitcoin
The analyst also commented on Balaji Srinivasan, former chief technology officer at Coinbase, who recently made a million-dollar bet on Bitcoin. Merten thinks that Srinivasan’s bet will go awry and warns against following the advice of “talking heads” like the former Coinbase exec who encourage people to put everything into Bitcoin.
“Talking heads like Balaji that are getting a little too confident in their bets, they got to be confident because the momentum is behind them now, they’re saying and convincing you of the idea that in order to hedge your wealth, you’ve got to get your money out of the bank. You got to get it into Bitcoin.”
Merten believes that people should be cautious when investing in Bitcoin and not put all of their money into the cryptocurrency, especially if they are new to the market.
“Don’t listen to talking heads like [Srinivasan] who tell you to [put] absolutely everything or you’re [going to] lose all your money right now. The only time you should listen to that is when you have people warning you about taking excessive risks that could lead you to lose your money, like leverage trading.”
While some may be optimistic about Bitcoin’s future, Nicholas Merten suggests that the cryptocurrency may not see any significant rallies, even if the Federal Reserve turns the money printers back on.
He warns against following the advice of individuals who are overly confident in their bets, especially when it comes to investing in cryptocurrencies like Bitcoin.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
