A crypto specialist is monitoring the movements of Bitcoin (BTC) and is skeptical that the Federal Reserve’s money printing will ignite a new rally in the king of crypto.
Nicholas Merten, the host of DataDash, told his 511,000 YouTube subscribers that even if the Fed begins printing money again, he believes the top crypto asset will likely still dip to $14,000.
“Bitcoin, like other assets, is going through a period of time where the Fed can no longer rescue it with the kind of excess money it had in the past, and we need to keep that in mind.”
Merten also opined that XRP, the second largest crypto asset by market cap, is in the midst of a temporary rally and is likely to drift back to its November levels when FTX, a now defunct crypto exchange, crashed.
“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.”
Merten further explained why he doesn’t think former Coinbase Chief Technology Officer Balaji Srinivasan’s recent million-dollar bet on Bitcoin will play out as planned.
“Talking Like heads 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 It’s necessary to get it in Bitcoin.
It’s almost guaranteed [they] put a million dollars there, therefore, it’s got to be real. Don’t listen to talking heads like [Srinivasan] Who will tell you to? [put] absolutely everything or you’re [going to] You can now lose all of your money. 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.”
At the moment Bitcoin is trading at $27 598.
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