Top crypto analyst Nicholas Merten is drawing attention to Bitcoin and the crypto markets as the sector recovers from its drawdown.
In a new video, Merten tells his 466,000 subscribers that he thinks Bitcoin is definitively turning bullish.
“We’ve now not only cleared through any points of resistance… but have also made support here at previous support back in February [$46,000]…
We’ve gotten rid of the worries here in regards to the 6-8 month timeframe for Bitcoin. So this is really, really nice to see, and again with the higher lows and higher highs, just how we talk about lower highs and lower lows being a significant trend to the downside, this is a trend for the bulls in this case – for the optimism in the market.”
As for altcoins, Merten says that although altcoins are recovering more slowly than Bitcoin, he likes the signs that he’s seeing. Merten says that now is the moment to pay attention to altcoins and Bitcoin and to find opportunities in the market.
Merten notes that wild price rallies in specific sectors of the market, such as with NFT (non-fungible token) and gaming project Axie Infinity (AXS), indicate that the rest of the market could begin to take off.
“Out of 50 of the top altcoins … only 8% are outperforming Bitcoin over the last 90 days. This sounds terrible… When in reality … this is the opportune time to get into altcoins…
The noticeable sign is that you have a few outliers in the market… You generally have a few outliers. That’s exactly what we’re seeing here within the NFT space with plays like Axie Infinity… That’s the signs [sic] I like to see because it showcases that people are starting to, in a few select plays, take on risk, see value propositions and fundamental adoption, and that is what sparks the next leg up.”