The price of bitcoin concluded April on a bearish note, with fears that more downside pressure will persist. The Ethereum price continues to trade in a narrow range. After a sell-off in April, Bitcoin price activity picks up in May.
April has historically been one of the greatest months for Bitcoin. April 2022, on the other hand, will be remembered as the worst April in Bitcoin history, and the worst month since May 2021.
What’s Next For Bitcoin (BTC) Price?
Nicholas Merten, a well-known crypto expert, has laid out what he believes is the “worst-case scenario” for Bitcoin (BTC) and Ethereum (ETH). BTC dropping to $10,000 or even $20,000 is “totally out of the question,” according to Merten.
The crypto expert points to a chart depicting the combined market capitalization of Bitcoin and Ethereum.
He points out that the combined market value of the two most popular crypto assets has never returned to the mid-range zone after a previous bull market. According to Merten, the aggregate market cap has also managed to stay above the previous bull market’s highs.
“It just hasn’t happened before. Only during bear markets here, not after we’ve set new all-time highs. It just hasn’t happened before in the past, and I don’t think it’s going to be happening any time soon, but there is a potential range here where we could see price decline a bit further.”
At the time of writing, the combined market capitalization of Bitcoin and Ethereum is approximately $1.075 trillion. Merten believes the figure might fall as low as $850 billion, a reduction of more than 15%.
According to the expert, this places BTC in the low $30,000s and ETH in the mid $2,000s. Those levels, according to him, are the worst-case situations for the top tokens.
At the time of writing, Bitcoin trades in green and has gained more than four percent as it inches closer to the $40,000 mark. Ethereum too has followed BTC and is up by more than five percent as it inches closer to the $3k mark.