A Promising Altcoin Project Built on Bitcoin Blockchain Has Significant Upside Potential, Says Analyst
A well-known crypto analyst, Nicholas Merten, believes that Stacks (STX), an altcoin project built on the Bitcoin blockchain, has a lot of room for growth. Stacks aims to enable smart contracts and decentralized finance (DeFi) applications on Bitcoin. Merten points out that the current narrative in the crypto market is focused on Bitcoin becoming an institutional asset or global collateral. Since Stacks is built around Bitcoin, it could benefit from this market trend.
Bullish Pattern and Historical Price Analysis
Merten also highlights a bullish pattern forming for Stacks against Bitcoin (STX/BTC). He believes that if the price can close above a certain level, it would provide confirmation for the next big move. Additionally, Merten suggests that Stacks may be repeating a historical price pattern that could lead to a massive rally to $17. This repetition of history gives him confidence in the potential upward movement of Stacks.
Potential for Continued Uptrend
At the time of writing, STX/BTC is trading at 0.00004827 BTC ($2.50), representing a significant increase of about 330% from its November 23rd price of $0.58. Merten remains optimistic about the future of Stacks and its potential for further growth. He believes that the supply-demand imbalance is present for price acceleration and that Stacks has room to continue its uptrend.
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