Bitcoin (BTC) and the altcoin markets, according to a leading crypto analyst, are poised for a strong rebound in the coming months. Nicholas Merten tells Data Dash’s 513,000 subscribers in a new newsletter that he’s growing increasingly persuaded that a spring rally is on the way.
“I think there’s a very good chance here that we are going to see this spring rally we’ve been talking about. My convictions are only growing stronger in this.”
Merten claims that Bitcoin will soon return to a price range of $60,000, which hasn’t been seen since November 2021. Merten predicts that the altcoin market, which is currently gaining traction, will follow suit.
He argues that, if this trend continues, Bitcoin might be back in the $60,000 range as early as April. There’s a chance we’re in for a spring rally. It’s not just Bitcoin, though. While Bitcoin is certainly the most well-known currency and the largest crypto in the crypto ecosystem, this is unlikely to be just a Bitcoin rally, he added.
He further explains that, although most people believe Bitcoin comes first, followed by altcoins, but if this market has demonstrated anything, it’s that the historical tendencies we’ve seen in the past aren’t the same in this cycle. And we’ve observed – just as we did in late 2020 and early 2021 – that Bitcoin and altcoins are gaining traction, he added.
Altcoins heating up!
The host of Data Dash points out that the market for certain cryptocurrencies is already heating up, which he believes indicates that institutions are buying altcoins at market value in anticipation of an upsurge.
He explains that there are a lot of different altcoins – this is one of my major indicators. We’re starting to see a lot of random altcoins pop up in the market, with multiple days of 10-20 percent gains. And it’s a major sign that the market is starting to actively accumulate or fill orders again – the smart money or institutions aren’t waiting for limit orders to fill – they’re buying market orders and filling their positions because they’re feeling the [fear of missing out] around the corner. The market will begin to rise in price, he said.
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