A closely followed crypto analyst says five large-cap altcoins are starting to flash signs of strength as Bitcoin (BTC) attempts to carve a bottom.
Nicholas Merten tells his audience of 516,000 YouTube subscribers that a shift in altcoin markets is beginning, with Bitcoin in the process of bottoming out.
[adinserter block="1"]“We are getting into the kind of capitulation phase of the sell-off for Bitcoin, meaning that we’re in dollar cost average territory. We might still go down a couple thousand dollars in BTC’s price, but we’re at the typical 70% or below range here from all-time highs and even considering the macro environment, considering all these factors, we are likely entering into sideways capitulation here.”
Merten highlights the fact XRP is now beginning to gain bullish momentum in its Bitcoin pair (XRP/BTC).
“You’ve got XRP here that has brought itself back to a level that it’s been consistently ranging around here essentially since back in June of 2020, so it is on par with the performance of Bitcoin really since as far back as June of 2020 here.”
Merten says Binance Coin is also showing strength against BTC (BNB/BTC).
“We’ve got BNB which has continued to hold up on an ascending line of support here against its Bitcoin pair. Basically just a few percentage points away from its May 2021 highs or its highs in December of 2021, so really not too fated here against Bitcoin.”
Merten says smart contract platform Solana has also been surging against Bitcoin (SOL/BTC) over the last few weeks.
“We don’t talk about Solana too much here but I got to give it credit here. It’s up from the lows here about 76% from this relative highs here, 72% at the moment of recording here.”
The analyst also notes a pop in the price of Avalanche against Bitcoin (AVAX/BTC) after the asset’s rough ride this year.
“We’ve seen Avalanche,9 which has been on a brutal sell-off here, about an 80% downturn from the highs here, seeing a major rebound here in price coming off of the lows here about 50% against Bitcoin. That’s really exciting stuff to see here.”
Lastly, the analyst highlights decentralized exchange Uniswap, noting its huge gains against Bitcoin (UNI/BTC) over the past several weeks.
Even one of the DeFi [decentralized finance] plays we’ve talked about here. UNI, in this case, making a really stellar double bottom rebound here of upwards of 87%. Just earlier today going up towards around 94%.”
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