Crypto Analyst Predicts Bitcoin Collapse, Warns of Impending Financial Market Storm

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On September 20, 2023, Nicholas Merten, the host of the popular YouTube channel DataDash, discussed the current state of Bitcoin and its potential trajectory. He highlighted the failure of bullish narratives that many believed would propel Bitcoin (CRYPTO: BTC) to new all-time highs. These narratives, such as the introduction of a Bitcoin ETF, de-dollarization, BRICS or a Bitcoin bank run, did not live up to the hype.

Merten clarified that his cautionary stance does not mean an imminent drastic drop in price to levels like $15,714. Instead, he suggested, “When we say things are going to collapse, it means that we’re going to enter into a long, steady grind to the downside.”

This downward trend will shatter the previously optimistic expectations of many investors. He warned of the potential repercussions for those heavily invested in the cryptocurrency. Merten also noted that the broader asset markets are on the brink of a significant shift, as macro uncertainty is finally coming up from beneath the surface. This could cause a lot of pain in the economy.

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