• Crypto analyst Nicholas Merten predicts Cardano, Polygon and Chainlink could see up to 95% correction in the current bear market.
• He warns that Cardano (ADA) against Bitcoin (BTC) could decline by 50%, while Polygon (MATIC) and Chainlink (LINK) could both correct 90% from their all-time highs.
• Merten believes these cryptocurrency projects will struggle if liquidity isn’t there and investors are facing regulatory concerns.
Crypto Analyst Maps Altcoin Paths Against Bitcoin
Crypto analyst Nicholas Merten is providing his outlook on how three major altcoins — Cardano (ADA), Polygon (MATIC) and Chainlink (LINK) — will fare against king crypto Bitcoin (BTC).
Altcoin Market Potentially Facing 95% Correction
Merten warns his 511,000 YouTube subscribers that many altcoin projects could see as much as a 95% correction in the current cycle from their all-time highs. “We can take it back here, look at a whole range of different plays here in the market, and you will see similar patterns here – altcoins typically correct,” he explains. “Even Ethereum in the last bear market in 2018 corrected over 95% from the all-time highs. So don’t doubt that history could repeat itself.”
Cardano Could See 50% Decline From Current Price Level
Looking at smart contract platform Cardano against Bitcoin, Merten warns of a potential 50% decline on the ADA/BTC chart from its current price level of about 0.00001000 BTC ($0.259) to about 0.00000450 BTC ($0.12). “If stablecoin liquidity isn’t there and if optimism isn’t there and regulatory concerns are growing ADA is not going to move higher… We got to ask ourselves whether or not we can hold… this line of higher lows against Bitcoin.”
Polygon Could Correct 90% From All-Time Highs
Next, Merten says layer-2 scaling solution Polygon could collapse by as much as 90% against Bitcoin from its all-time highs due to lacking liquidity and investor optimism about regulation. Polygon is worth $0.00002250 BTC ($0.58) at time of writing, down 4