Cryptocurrency analyst Nicholas Merten is expressing bullish sentiment on one Bitcoin (BTC) ecosystem altcoin that’s up by over 70% in a fortnight.
Merten tells the 510,000 subscribers of the DataDash YouTube channel that the native token of the decentralized platform dedicated to expanding the functionalities of Bitcoin, Stacks (STX), could rally exponentially.
“Stacks is one of those plays where it’s at the cusp of potentially making that really big move where we can multiply many times over in the event of a Bitcoin continuation in its price if we really do enter into a full-swing bull market.”
According to Merten, STX has enjoyed strong bullish momentum since November of 2022 as evidenced by higher highs and higher lows.
“It’s rallied about 619% from its bottom in August of 2023 to where it is now in February 2024. And that’s very similar to the move we had in November 2022 here towards March of 2023…
Stacks does have that potential to make sizable moves and potentially be the play here for this cycle, the big narrative here. We’ve seen that it’s made much larger moves in the grand scheme of things.”
STX is trading at $2.63 at time of writing, up by around 75% from the February 6th closing price of $1.13.
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The post This Bitcoin Ecosystem Altcoin’s on the Cusp of Exploding in Multiples, According to Analyst Nicholas Merten appeared first on The Daily Hodl.