A widely followed crypto analyst says the next altcoin cycle is likely around the corner but notes that there may be a pullback first.
In a new strategy session, Nicholas Merten, the host of DataDash, tells his 511,000 YouTube subscribers that key indicators suggest the total market cap of all crypto assets sans the top two digital assets, Bitcoin (BTC) and Ethereum (ETH) (TOTAL3), is performing the best.
“Out of all of these metrics, all these indices that we track within crypto market cap and the different sectors of crypto – TOTAL3 – the real kind of altcoin space that is excluding Ethereum and Bitcoin, has been performing the best…
The more I look at this, I continue to believe that small caps – particularly the two sectors [of] Bitcoin-related infrastructure and meme coins – are the place to go…
TOTAL3, while making a nice sizable move, is made up of a larger pool of altcoins, so we’ve got a lot of small midcaps that can make some much more substantial moves.”
According to Merten, total three should see a pullback in the coming days if it fails to hold its 21-day moving average. However, the analyst notes that TOTAL3 is due for “seismic” activity in the coming months.
“One thing that has me optimistic even though we may be expecting a little bit of a pullback here in the next few days if we don’t hold that [21-day moving average].
We are likely getting towards the point where the altcoin cycle – what we’ve really been looking forward to – the real seismic moves [and] the acceleration in TOTAL3, the kind of final blowoff top for the next few months, is likely to come soon.”
At time of writing, the market cap of TOTAL3 is $448.5 billion, a fractional decrease during the last 24 hours.
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The post Crypto Analyst Nicholas Merten Says Altcoin Cycle ‘Likely To Come Soon’ – But There’s a Catch appeared first on The Daily Hodl.