A popular crypto analyst thinks altcoins could be about to take off if Bitcoin shows some strength.
Bitcoin’s Role in Altcoin Growth
Nicholas Merten, who has over 500,000 YouTube subscribers, believes that if Bitcoin can break through some key resistance levels and start trending upwards, altcoins will follow suit within the next few weeks.
He sees two possible scenarios for Bitcoin:
- Scenario 1: Painful Drop – Bitcoin could fall to the 200-week moving average (around $38,000). This would be a tough time for the market.
- Scenario 2: Bullish Breakout – Bitcoin could form a bullish pattern called an “inverse head and shoulders” and break above its previous July lows. This would signal a potential move towards new all-time highs.
Merten believes that if Bitcoin takes the bullish path, it would create a solid foundation for altcoins to start trending higher.
Bitcoin’s Current Situation
Merten is closely watching Bitcoin’s hourly chart and sees a strong market structure forming. He’s particularly interested in whether Bitcoin can reclaim the $60,000 level.
He believes that if Bitcoin can hold above its moving averages and close above $60,000 on a daily basis, it would be a very positive sign. A weekly close above $65,000 would be even more bullish, indicating a strong upward trend.
What This Means for Altcoins
If Bitcoin shows strength and starts moving higher, Merten believes altcoins will follow suit. This could lead to a significant rally in the altcoin market.
However, it’s important to remember that the crypto market is highly volatile and predictions are not guarantees. Investors should always do their own research and invest wisely.
