Crypto analyst Nicholas Merten recently said that technology indices are due for further declines, and he believes the drop will drive Bitcoin BTC/USD to new bear market lows.
Merten said that a fall for the NASDAQ is bad news for Bitcoin and gives a rough price target for the leading digital asset.
“If we think about the fact that Bitcoin would be holding neutral to the Nasdaq, we take it here to our Bitcoin chart and look at an equalized amount of decline in Bitcoin’s price from where we’re at now, and that would take us roughly down towards the $13,600 to $14,000 [area],” he told his over 500,000 YouTube followers.
At the time of writing, Bitcoin was trading at $18,906, down over 4% in the last seven days.
“Our general target is that at a minimum, just from where we’re at right now, we should at a minimum expect technology indices like the NASDAQ are probably correcting 50%,” Merten added.
He predicted that NASDAQ may come down another 28% which would essentially take the market from its “all-time highs down to a clean 50 to 50.5%.”
“I don’t want to call the exact date nor the exact value that we’re going to go to because no one knows that, but I want to give ourselves a goal post that, potentially, over the coming months going into Q1 of 2023,” he added.
Last week, crypto analyst Capo also predicted an overall cryptocurrency market downturn after accurately anticipating Bitcoin’s crash earlier this year.