Nicholas Merten: Looking At Bitcoin, Now Is The Time To Get Into Altcoins
A prominent cryptocurrency analyst and trader, Nicholas Merten is looking into Bitcoin and the crypto markets as the sentiment changes from its drawdown.
In a recent video, the analyst shares with his 466K subscribers that he thinks Bitcoin is definitively flashing bullish signals.
“We’ve now not only cleared through any points of resistance… but have also made support here at previous support back in February [$46,000]…
We’ve gotten rid of the worries here in regards to the 6-8 month timeframe for Bitcoin. So this is really, really nice to see, and again with the higher lows and higher highs, just how we talk about lower highs and lower lows being a significant trend to the downside, this is a trend for the bulls in this case – for the optimism in the market.”
Merten says that despite altcoins are recovering slower than Bitcoin, he is reading positive signs that. According to the trader now is the time to pay attention to altcoins and Bitcoin and to find opportunities in the market.
He points out that wild price rallies in specific sectors of the market, such as with NFT (non-fungible token) and gaming project Axie Infinity (AXS), indicate that the rest of the market could well begin to clime.
“Out of 50 of the top altcoins … only 8% are outperforming Bitcoin over the last 90 days. This sounds terrible… When in reality … this is the opportune time to get into altcoins…
The noticeable sign is that you have a few outliers in the market… You generally have a few outliers. That’s exactly what we’re seeing here within the NFT space with plays like Axie Infinity… That’s the signs [sic] I like to see because it showcases that people are starting to, in a few select plays, take on risk, see value propositions and fundamental adoption, and that is what sparks the next leg up.”
