Cryptocurrency Expert Sounds Alarm on Altcoin Decline
Nicholas Merten, a well-known figure in the world of cryptocurrency analysis, has recently shared his apprehensions regarding the altcoin market.
Merten’s analysis suggests that altcoins are facing a significant challenge, with a pattern of consistently lower highs since May.
This persistent pattern could potentially lead to a considerable decline in the total altcoin market capitalization, possibly shedding around $60 billion.
Such a substantial correction, amounting to over 25%, would come on top of previous downturns that have already taken a toll on altcoin values.
Merten also shed light on the hurdles Ethereum (ETH) encountered, a major player in the cryptocurrency landscape. Despite promising developments within the Ethereum ecosystem, ETH has struggled to break the $2,000 price barrier. Merten’s analysis prompts a critical question: Are there more eager buyers or sellers in the market? This query highlights the uncertainty surrounding
Ethereum’s current trajectory and the need for a deeper evaluation of market dynamics.
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Furthermore, Merten divulged his inclination to engage in short selling of Bitcoin (BTC) based on the prevailing market conditions. He foresees a potential downturn for Bitcoin’s price, suggesting that it may soon fall below the 200-week exponential moving average (EMA).
This technical indicator typically signifies a bearish sentiment in the market, prompting Merten to consider this as an opportune moment to initiate a short position in Bitcoin.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
