The altcoin markets may see a “spring” this May, according to renowned crypto analyst Nicholas Merten. Merten, a senior crypto analyst, also predicts that the overall altcoin market share against Bitcoin (BTC) will increase in the coming months. Details of the subject are on Kriptokoin.com.
Will spring come in May and July?
In a new video, popular crypto analyst Nicholas Merten tells his 511,000 YouTube subscribers that the altcoin market valuation metric (or altcoin dominance) relative to BTC creates a pre-rally pattern. Here’s what Merten talks about:
While altcoin dominance is pulling back a bit here, we’re still maintaining this consistent resistance range. The question here is whether we can create a higher low here around 55.5%. This is higher than the significant drop we had in October and July. Consolidating the previous resistance line further is now support. And if we get that, I think we’ll have a spring in May and July, not just where Bitcoin is doing well, but where Ethereum and many other players in the market can.
predicts a 200 percent rise for Bitcoin (BTC)
The popular analyst’s predictions for BTC are also important. As for Bitcoin, Merten says the king coin is pushing for a $4 trillion market cap. The analyst is also optimistic that the flagship crypto asset will increase by over 200%. Analyst says:
From the lows, back to the relative high we had in June 2019, as well as from previous highs, and also when we revisit this range, we experienced a 392% price increase. All we want is a 220% return, not just over a longer period of time, but over a wider time frame.
Projected increase conservative
Merten says that the predicted increase in Bitcoin is conservative given the historical performance of the digital asset. Merten says:
That’s pretty conservative considering we effectively have what’s known as a burst top on most cycles and price moves up incredibly quickly and can still play like that. But here we give time for the price to rise. This means consolidating and making green line support once again.
24738
