In a recent strategic analysis, Nicholas Merten, the host of DataDash with an audience of 512,000 subscribers on YouTube, has conveyed his concerns that Bitcoin could experience a decline of over 60% from its present valuation if Apple’s market capitalization continues its downward trajectory.
Merten asserts that a declining market cap for Apple would exert downward pressure on Bitcoin, as well as other equity assets, leading to a synchronized market downturn. In July, Apple achieved a market cap of $3 trillion; however, at the time of this statement, it has receded to $2.79 trillion.
He emphasizes the need to avoid living in a speculative bubble, highlighting that a contraction of Apple’s market cap from $3 trillion to $1.5 trillion would undoubtedly exert substantial influence on Bitcoin. Merten suggests that this impact would surpass that of significant events in the cryptocurrency space, such as Bitcoin halving or the introduction of a Bitcoin exchange-traded fund (ETF).
While Merten does not categorically predict this scenario, he deems it a plausible one. In the event it materializes, he foresees the potential for Bitcoin to establish new lower price levels, potentially within the range of $10,000 to $12,000.