Nicholas Merten Reads Bullish Signals From The Wider Crypto Market
According to Nicholas Merten, a prominent cryptocurrency analyst, Bitcoin (BTC) and the rest of the crypto market are sending bullish signals, regardless of the ongoing geopolitical tensions.
In a recent video update, the analyst shared with the 511K subscribers on his YouTube channel that he’s keeping a close eye on the TOTAL chart, which follows the valuation of the whole crypto market.
He points out that the total valuation of the crypto market keeps on making bullish higher low setup, regardless of the high volatility in the past 12 months.
“When we take a look at total market cap, we can see here that since back in January (last year) we’ve been seeing a consistent general range where buyers have come in here on prices, taking them to consider important lows before the rebound back here in July into September, back here in January of 2021 before we spring up here to $65,000.
Now, we’ve been seeing buyers come here yet again like they did here in the latter part of January (this year), buying up prices around this $1.5 trillion valuation range for the entire crypto market.”
Merten notes that interestingly the global geopolitical tensions did not negatively affect the price of the top two crypto assets Bitcoin and Ethereum (ETH).
“The first major geopolitical conflict that’s really, potentially, scaring a lot of the West wasn’t able to drag Bitcoin’s price down nor it was able to do that for Ethereum. One of the biggest macro events that could only be compared to the kind of tension we had in the Cold War / World War II wasn’t able to drag down Bitcoin. That is an incredibly resilient sign for crypto markets.”
Zooming in on ETH, the analyst notes that on February 24, the native token of the leading smart contract platform hit its highest trading volume in the past six months.
“Seeing the resiliency, the volume here, bear in mind for the trading on Ethereum, this was the biggest trading day for Ethereum since back here in July of 2021… If you look at the short-term chart, a lot of the volume coming on the buy-side, driving up prices higher, building a nice foundation at $2,600.”
