A major crypto analyst predicts that the overall altcoin market share against Bitcoin (BTC) will increase in the coming months.
In a new video, Nicholas Merten it says its 511,000 YouTube subscribers that the measure of altcoin market valuation relative to that of BTC, or altcoin dominance, is forming a pre-rally pattern.
“While altcoin dominance has been pulling back a bit here, we still hold this constant resistance range.
The question here remains…whether or not we can set a higher low here around 55.5%, which is higher than the significant low that we had in October and the one in July.
The further solidification of the previous resistance line is now support and if we get that I think we will have a jump into May and July not only where Bitcoin is doing well but where Ethereum and many other players in the market could. start doing just as well and continue to go up against Bitcoin in your ratios.”
as for Bitcoin, Merten says that the king coin is pushing for a $4 trillion market cap. The analyst is also optimistic that the flagship crypto asset will surge more than 200%.
“From the previous highs, as we did from the lows to the relative high that we had in June 2019 and also when we revisited that range, we had a 392% price expansion. All we're asking for is not just for a longer period of time, but also 220% performance over a longer period of time. “
Merten says that Bitcoin's projected rise is conservative given the digital asset's historical performance.
“This is quite conservative considering that in most cycles we effectively have what is known as a breakout ceiling and that is where the price moves incredibly fast to the upside, and it could still turn out that way, but we are giving time here for price to consolidate and make this green line supportive once again.”
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