Prepare for Altcoin Sell-Off, Ethereum May Stand Strong: Crypto Expert

close up shot of stock of coins

Crypto Analyst Nicholas Merten, a prominent figure with a substantial following, is sounding the alarm about an imminent sell-off event for altcoins. In a recent strategy session shared with his 511,000 YouTube subscribers, Merten discusses his concerns over the current state of altcoins, suggesting that they appear poised for a significant corrective move.

“While we are diligently searching for projects of interest, it’s crucial to be honest – the market seems destined to continue its correction,” Merten conveys to his audience.

He focuses his attention on Binance Coin (BNB), the native token of the renowned crypto exchange Binance, which presently holds the fifth rank among digital assets. Merten identifies BNB’s price action as a potential indicator for the broader altcoin market.

“If Binance Coin fails to maintain its $30 billion market cap level after breaking through its long-term trend line that had held since 2017, we may witness a deep correction. Should it breach this threshold, we could be entering uncertain territory,” Merten warns.

As of the time of writing, BNB’s market cap stands at $37.6 billion.

While Merten expresses caution regarding altcoins in general, he offers a glimmer of optimism for Ethereum. The leading smart contract platform has caught his attention due to its more promising price pattern.

“Among all the cryptocurrencies out there, Ethereum’s price pattern has stood out as comparatively more bullish. Over the past year or more, it has been forming an ascending triangle – a bullish pattern featuring a flat resistance range, ascending lows that align, and price coiling up, typically leading to an upward bounce.”

Despite this positive analysis, Merten emphasizes the need for a balanced perspective. He reminds viewers that no pattern can guarantee specific outcomes, and all technical analyses are based on the available data.

In conclusion, Merten’s insights highlight the potential impending sell-off for altcoins, with Binance Coin’s performance serving as a significant indicator. While Ethereum’s price pattern presents a ray of hope, investors should remain cautious and consider various factors in the dynamic cryptocurrency market.

Comments are closed.