Bitcoin’s Potential Plunge Linked to Apple’s Market Cap Decline, Says Crypto Analyst
A prominent crypto analyst, Nicholas Merten, has issued a warning that Bitcoin (BTC) could experience a significant drop in value due to a specific factor. Merten explains in a recent strategy session that if Apple’s market capitalization continues to decline, Bitcoin could plummet by over 60% from its current price.
Merten argues that a decrease in Apple’s market cap would lead to a collapse in Bitcoin and other equities. Although Apple reached a $3 trillion market cap in July, it has since fallen to $2.79 trillion. Merten emphasizes the significant impact that such a decline would have on Bitcoin compared to other events like halving or the introduction of a Bitcoin ETF.
If this scenario unfolds, Merten suggests that Bitcoin could drop to new lows of around $10,000 to $12,000. He stresses the importance of paying attention to Apple’s market cap due to its weight on other equities and even cryptocurrencies.
Hot Take
Bitcoin’s future may be directly tied to Apple’s market cap, with a potential decline in the latter spelling trouble for the leading cryptocurrency. This connection highlights the interdependence of various assets in the market, showcasing the need for investors to consider broader factors beyond Bitcoin-specific events. As Apple’s market cap continues to fluctuate, it remains crucial for crypto enthusiasts to monitor and assess its potential impact on the overall market, including Bitcoin and other altcoins.
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