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Uncertainty continues in the crypto markets following the SEC‘s decision to delay the ETF. Renowned crypto analyst Nicholas Merten warns that the total altcoin market value could soon reach $60 billion.
Did Altcoins Experience a Correction?
Nicholas Merten, host of DataDash, suggests in a recent strategy session with YouTube subscribers that the altcoin market value is likely in a downward trend, as recent surges have failed to reach higher peaks, indicating a continuation of the bearish trend.
Altcoins have reached a lower peak for the fourth time since May. It seems that we are ready to return to this range of around $150 billion (in October). So, even after all the losses we have seen in altcoins, we could still experience a correction of more than 25%, resulting in roughly a $60 billion loss for altcoins.
Merten points out that despite significant bullish developments in Ethereum‘s ecosystem, such as the smart contract platform’s rise, it has been unable to surpass the $2,000 level.
ETH/USD has experienced two failed breakouts at $2,000, actually this is the third failed breakout… This is an ascending triangle. If we cannot find buyers soon and break below this level, it will form a prolonged bullish formation that lasts for a year without bulls emerging. This was the most important opportunity. There were stories and optimism such as ETH 2, EIP-1559, and ‘We should continue because the supply will decrease’. However, people are too focused on the monetary policy aspect of crypto and are not asking the question that is much bigger: Are there more willing buyers or sellers?
The Current Situation of Bitcoin and Ethereum
At the time of writing, Ethereum was trading at $1,627, down 1.1% in the past 24 hours.
The analyst also believes that Bitcoin will likely be sold short given the current market conditions. Merten states that Bitcoin’s price will soon fall below the 200-week exponential moving average (EMA), indicating a bearish trend.
It looks like this is about to break. For those wondering if I will short, yes, I am preparing to short here. This has been a time when I felt quite safe because our indicators have turned red. When it comes to price, the moving averages here are almost hanging by a thread.
Bitcoin is currently trading at $25,785, down 0.8% in the past 24 hours.
