Crypto analyst Nicholas Merten says Bitcoin and the crypto markets look like they’re in the middle of a full recovery back to all-time highs.
Merten analyzes Bitcoin in a new strategy session and says that the world’s leading cryptocurrency is behaving more like a correction within a broader bull market, rather than presenting as a dump into a bear market.
[adinserter block="1"]The analyst especially takes note of BTC appearing to make two obvious higher highs and higher lows ever since rallying from below the $30,000 level.
“This is the kind of healthy sign that showcases that we’re going through a full recovery here back to the all-time highs. This is nothing more than a mid-cycle correction. The price action we’re seeing here is exactly what we would expect. A recovery here that’s coming in just about as fast as the downward move [in May] where we’re setting in these higher ranges of support, higher ranges of resistance, with generally higher lows as higher highs, and eventually setting the stage to be able to move higher here for price and get back to the previous all-time highs.”
When it comes to Ethereum, Merten says the second-largest crypto by market cap is mimicking Bitcoin, making moves that are not characteristic of a bear market.
“Ethereum is holding up really well against Bitcoin. Again, you wouldn’t be seeing this in a bear market. We’re seeing here that again we’ve had the consistent support range just like Bitcoin. We came up here, and now it looks like we’re looking to set a higher support range on these previous points of resistance here after the May sell-off.”
The crypto analyst says Bitcoin and Etheruem aren’t alone in their recoveries. According to him, the altcoin markets are looking strong too with more and more digital assets starting to catch up to the leading cryptocurrency.
“Now we’re starting to see a more solidified altcoin trend across the board. We’re getting more players that are outpacing Bitcoin over the last 90 days. You’ve still got your Axie Infinity (AXS), Quant (QNT), LUNA, some of these outlier plays. But you’ve also got Solana (SOL) popping up here, Elrond (EGLD), AMP, CRO. You still got a variety of altcoins that are starting to catch up to Bitcoin even after the brutal May decline that we had.”
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