Crypto Analyst Warns of Potential Decline in Altcoin Market

One sentence summary – Crypto analyst Nicholas Merten warns of a potential $60 billion decrease in altcoin market capitalization, citing a bearish pattern and failed bounces, predicting a correction of over 25% and emphasizing the importance of market participants’ enthusiasm, while also noting Ethereum’s struggle to break above $2,000 and suggesting a likelihood of shorting Bitcoin.

At a glance

  • Crypto analyst Nicholas Merten warns of a potential $60 billion decrease in altcoin market capitalization.
  • The altcoin market is currently in a bearish pattern with recent bounces failing to reach higher highs.
  • Merten predicts a potential correction of over 25% for altcoins.
  • Ethereum’s failure to break above the $2,000 level despite positive developments in its ecosystem is highlighted.
  • Merten suggests shorting Bitcoin given the current market conditions and the possibility of it falling below the 200-week exponential moving average.

The details

Crypto analyst Nicholas Merten has warned that the altcoin market capitalization could potentially decrease by $60 billion.

Merten has suggested that the altcoin market is currently in a bearish pattern.

This is due to recent bounces failing to reach higher highs.

He predicts a potential correction of over 25% for altcoins.

Such a correction would result in a significant decrease in market cap.

Despite positive developments in Ethereum’s ecosystem, Merten points out that the cryptocurrency has failed to break above the $2,000 level.

He has identified an ascending triangle pattern in the ETH/USD chart.

Merten suggests that if buyers do not appear soon, it could indicate a bearish trend for Ethereum.

He also emphasizes the importance of considering market participants’ enthusiasm.

Merten notes that people often focus on crypto’s monetary policy aspect.

However, they often overlook the fundamental question of whether there are more eager buyers or sellers.

At the time of writing, Ethereum is trading at $1,627.

This represents a 1.1% decrease in the last 24 hours.

As for Bitcoin, Merten indicates a likelihood of shorting it given the current market conditions.

He suggests that Bitcoin’s price may fall below the 200-week exponential moving average.

This would indicate a bearish sentiment.

Currently, Bitcoin is trading at $25,785.

This represents a 0.8% decrease in the last 24 hours.

These facts and insights from Nicholas Merten provide an overview of the altcoin market’s potential decline.

They highlight Ethereum’s struggle to surpass the $2,000 level.

They also emphasize the importance of market sentiment in the crypto space.

Article X-ray

A graph showing a downward trend with multiple lines representing altcoins.

This section links each of the article’s facts back to its original source.

If you have any suspicions that false information is present in the article, you can use this section to investigate where it came from.

dailyhodl.com
– Crypto analyst Nicholas Merten warns that the altcoin market capitalization could decrease by $60 billion.
– Merten believes that the altcoin market is in a bearish pattern, with recent bounces failing to reach higher highs.
He predicts a potential correction of more than 25% for altcoins, resulting in a $60 billion decrease in market cap.
– Merten points out that Ethereum has failed to break above the $2,000 level despite positive developments in its ecosystem.
He highlights an ascending triangle pattern in ETH/USD and suggests that if buyers do not show up soon, it could indicate a bearish trend.
– Merten mentions that people often focus on the monetary policy aspect of crypto and overlook the fundamental question of whether there are more eager buyers or sellers.
– Ethereum is currently trading at $1,627, down 1.1% in the last 24 hours.
– Merten indicates that he is likely to short Bitcoin due to the current market conditions.
He suggests that Bitcoin’s price may fall below the 200-week exponential moving average, indicating bearishness.
– Bitcoin is currently trading at $25,785, down 0.8% in the last 24 hours.

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