A Potential $60 Billion Loss in Altcoin Market Cap, Warns Nicholas Merten
A popular crypto analyst, Nicholas Merten, predicts a significant decline in the altcoin market capitalization, with a potential loss of $60 billion. Merten believes that recent failed attempts to reach higher highs indicate a continued downtrend. He points out that altcoins have set a fourth lower high since May and suggests a possible correction of over 25% from the current levels.
Key Points:
– Altcoin market cap could drop by $60 billion, representing a 25% correction.
– Ethereum’s failure to break above $2,000 despite positive developments in its ecosystem supports the bearish outlook.
– Merten questions the presence of eager buyers and emphasizes the need to consider fundamental factors beyond monetary policy.
– Bitcoin’s price is expected to fall below the 200-week exponential moving average, indicating a bearish trend.
– Merten anticipates shorting Bitcoin based on current market conditions.
Ethereum is currently trading at $1,627, down 1.1% in the last 24 hours, while Bitcoin is trading at $25,785, down 0.8% in the same period.
Hot Take:
Nicholas Merten’s analysis suggests a bearish outlook for altcoins and Bitcoin. His warning of a potential $60 billion loss in altcoin market capitalization raises concerns among crypto enthusiasts. It highlights the importance of carefully considering market conditions and fundamental factors before making investment decisions.
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