Nicholas Merten of DataDash predicts a 'cold winter' for the crypto market
Nicholas Merten, a crypto trader and the creator of the DataDash YouTube channel, joined Cointelegraph’s Crypto Trading Secrets podcast for an interview with host Benjamin Pirus, discussing a number of topics, including his opinions on the state of the crypto market. “I think that right now, we’ve been going through what can only be seen as a period of consolidation,” he said when asked about his thoughts on the price of Bitcoin (BTC) as of Jan. 9, the date of the interview.
Bitcoin largely traded sideways for part of November and most of December. January, however, has seen the asset rise from below $17,000 to above $23,000. Looking back at Bitcoin’s price chart shows the asset near the beginning of its ascent on Jan. 9, sitting in the low- to mid-$17,000 range.
Merten noted that he likes to look at the big picture. “I think crypto is going through again this period of massive restructuring that I think is going to be overall good for the space long term, but I think people quite underestimate just how long this could really play out,” he explained, adding:
Throughout 2022, the crypto and blockchain space faced difficult times, seeing the collapse of multiple industry players. Industry hedge fund Three Arrows Capital and lending outfit Celsius both went bankrupt in 2022. Digital asset exchange giant FTX, crypto project Terra — with its LUNA and TerraUSD (UST) assets — and others also fell during the year, causing ripple effects in the crypto space.
“I say that as someone who got into crypto around 2016, 2017, who really rode the wave of the last decade in stocks and crypto,” Merten continued. “I think we need to understand that the end of that secular bull market where times were good, quantitative easing was fresh, there
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