Analyst Nicholas Merten Says One Altcoin Poised to Outperform Bitcoin As Crypto Markets Search for Direction – The Daily Hodl

A prominent crypto analyst says theres likely more pain in store for Bitcoin traders.

In a new episode of Data Dash, Nicholas Merten says that the current price action of Bitcoin (BTC) suggests a retreat to $9,000 is likely.

What were seeing right now is something that I really kind of feared in a sense for Bitcoin. Its not anything bad in the long term, its just something in the short termI guess its a good thingit gives us a position to possibly build in a larger position if we have some additional fiatTaking a look at the logarithmic weekly chart for Bitcoin, well take a look at BitStamp here, this is of course taking a step back all the way to 2015, we really want to take a look between the top in 2017, the rising lows, the lowering highs, the ledge that was building up to the breakout price here. We went up to $12000 on Bitcoin and now weve corrected back down with the low being here for the last week around $9800. A lot of people are curious about where Bitcoin is going to go. What were really seeing here is a making of support on previous resistance.

Merten says he remains bullish in the long run, comparing Bitcoins price action to golds recent trajectory to all-time highs.

Gold had a very similar case. A long term range, higher support levels, points of resistance, and what we see here is price breaking above that line of resistance, coming down and making it support, and then kicking off the next rally and breaking out to all time highs over the last year and a half. This is very important when were taking a look at Bitcoin as Bitcoin is seen as digital gold by a lot of people in the sense of its investment philosophy and what youre really buying is an asset. The worst case scenario (for Bitcoin) would go down to $9000

Merten says he believes Bitcoin will begin a long-term push to all-time highs in the first quarter of next year.

In the meantime, the analyst says the DeFi bull run is not over yet. He expects Ampleforth to be a top gainer while Bitcoin moves sideways.

Were started to kick back up, weve got volume rushing back in, and now were in the green right now. Its starting to signal on the multiple hour charts or particularly the daily as well.

We can start to see here that Ampleforth and a lot of other DeFi plays are starting to kick in and starting to make some major moves starting to set in higher lows, starting to put the base here for much more longer term rather than these sporadic 4 or 5 day rallies thatve crazy ends. I think its going to be a nice substantial run up here in market cap when we start to set higher highs and higher lows.

Ampleforth (AMPL) is a new type of crypto aiming to achieve price-supply equilibrium. According to its whitepaper,AMPLs supply expands or contracts every 24 hours based on the tokens price. If AMPL trades above $1, users get more tokens, and if AMPL trades below $1, users lose tokens.

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Analyst Nicholas Merten Says One Altcoin Poised to Outperform Bitcoin As Crypto Markets Search for Direction - The Daily Hodl

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