A closely watched crypto analyst says five big-cap cryptocurrencies are starting to show signs of strength as Bitcoin (BTC) attempts to bottom out.
Nicholas Merten tells his audience of 516,000 YouTube subscribers that the shift in altcoin markets has begun, with bitcoin hitting rock bottom.
“We are entering a bit of a capitulation phase in selling bitcoin, which means we are in mid-dollar cost territory. We will continue to get a few thousand dollars off the price of BTC but we are in the typical range of 70% or less here from all-time highs and even given the environment College, given all of these factors, we’re probably entering into a lateral capitulation.“
Merten points to the fact that XRP is now starting to gain bullish momentum in the Bitcoin (XRP/BTC) pair.
“You have XRP here which has fallen to a level that has basically been here since June 2020, so it is on par with Bitcoin’s already performance since June 2020 here.”
Merten says Binance Coin is also showing strength against BTC (BNB/BTC).
“We have BNB that has continued to maintain an upward support line here against the bitcoin pair. Basically in the range of a few percentage points from the May 2021 highs or the December 2021 highs, so it’s really not very valued here against Bitcoin.
Merten claims that smart contract platform Solana has also surged against Bitcoin (SOL/BTC) over the past few weeks.
“We don’t talk much about Solana here, but I have to give her credit here. That’s higher than the lows here, about 76% of those relative highs here, and 72% at record time here.”
The analyst is also noting an avalanche price hike against Bitcoin (AVAX/BTC) after the asset’s difficult run this year.
“We’ve seen the Avalanche, 9 which has seen a sharp sell-off here, down about 80% from the highs here, and we’ve seen a huge recovery here in the price lags behind the lows here by about 50% against bitcoin. It’s really exciting to see here.
Finally, the analyst highlights decentralized exchange Uniswap, noting its huge gains against Bitcoin (UNI/BTC) over the past few weeks.
Even one of DeFi [decentralized finance] The parts we talked about here. UNI, in this case, makes a true double star retracement of the bottom of more than 87% here. Earlier today, it rose to about 94%. »
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Featured image: Shutterstock/Art Furnace/Natalia Siiatovskaia