Nicholas Merten Predicts Major Altcoin Market Shift if Bitcoin Breaks $42K
According to popular crypto analyst, Nicholas Merten, altcoins could witness a major market shift if Bitcoin (BTC) breaks a certain key level.
In a recent video, Merten tells his 461,000 YouTube subscribers that the big news of El Salvador embracing Bitcoin as legal tender could be the catalyst that ignites a new narrative favoring the world’s number one cryptocurrency.
If BTC regains a stronger narrative, Merten says he may reinvest some capital from altcoins back into BTC.
“We might return back to a much more kind of simple but also exciting narrative of Bitcoin, the gold standard of crypto coming back into the fray and people looking at it as a new emerging store of value. That’s what I think is possibly upon us here, and I got to be honest here, in this case, that’s probably going to mean I’m doing some capital rotations.
I’m really keen to see what happens here over the next couple [of] days because I think we’re going to get a defining price move in either Bitcoin or altcoins that’s going to really signify if my theory is wrong or that if I’m right in this case, that the trend is about to shift big time.”
The analyst points out a crucial price level for BTC where the story could start changing and a big market shift could happen between altcoins and Bitcoin. It may be time to start taking profits on your riskier altcoin holdings if Bitcoin moves above $42,000, says Merten.
“I think that begins somewhere between $40,000 to $42,000. That’s the contesting range here for price. If you can break beyond that range, and altcoins don’t start outpacing Bitcoin, I would say it’s probably time to run for the hills on those very exponential returns you made on Shiba Inu token if you’re lucky enough to get them.”z
In fact, Merten is not the only analyst calling $42,000 a key level for Bitcoin breakout. Scott Melker mentioned the exctly same key level for BTC earlier:
