Crypto analyst Nicholas Merten believes the altcoin market is about to explode. He shared his analysis with his over 500,000 YouTube subscribers.
Altcoins Poised for Growth
Merten used a chart showing the total crypto market cap excluding the top ten coins (a good measure of altcoin strength). He says this chart, combined with Bitcoin’s recent price action, suggests a shift is happening. Bitcoin’s dominance (the percentage of the total crypto market it controls) is showing signs of peaking, according to Merten. This means money flowing into Bitcoin might soon start flowing into other cryptocurrencies.
Technical Indicators Point to Altcoin Rally
Merten highlighted some key technical indicators supporting his prediction:
- Price Resistance: Altcoins are breaking through previous resistance levels, showing strength.
- Moving Average: The 200-day moving average is holding, a positive sign for continued upward momentum.
- Bitcoin Dominance: The weekly chart for Bitcoin dominance is showing a clear “top formation,” indicating a potential shift in market share.
He estimates that over $1 trillion to $1.5 trillion added to Bitcoin’s market cap in recent months could soon flow into altcoins. This, combined with increased institutional interest and ETF inflows, further strengthens his bullish outlook.
Disclaimer:
This information is for educational purposes only and is not financial advice. Investing in cryptocurrencies is risky. Always do your own research before making any investment decisions./p>
