Crypto analyst Nicholas Merten warned that if the economy falls into recession, the leading cryptocurrency could be badly affected.
In his statement on YouTube, Merten said that if the Fed’s hawkish monetary policy brings about a long-term economic crisis, the value of Bitcoin could decrease by nearly 50%.
BTC may be affected by recession
According to the analyst, the decline in prices of products such as uranium, natural gas and oil may be a signal that a short-term recession is approaching.
Meten doesn’t think Bitcoin will enter a bull rally until the Fed starts printing money to support the economy.
The analyst said that investors should be patient and wait for the period when monetary policy will be in favor of BTC in the future. According to him, this is the lifeblood of risky assets such as Bitcoin.
At the time of writing, Bitcoin is trading at $27,945, according to CoinGecko data.