Bitcoin (BTC)Crypto NewsEthereum (ETH)

It’s time for crypto traders to get greedy, according to crypto analyst Nicholas Merten – here’s his take on Bitcoin and Ethereum

A popular crypto analyst says now is not the time, despite worrying price action bear market to promote.
DataDash moderator Nicholas Merten tells his 516,000 YouTube subscribers that the Ethereum The relation to Bitcoin (ETH/BTC) shows that a risk appetite is still spreading in the crypto markets.

“Look at the ETH/BTC ratio here, the absolute reversal we’ve seen here over the past few hours where we’ve seen the ratio spike and almost bounce back to the highs here, the highest level that we’ve seen since January. This, especially with the volume surge we had here on Binance yesterday, is absolutely mesmerizing and not to be missed.

That’s why I’m not emphasizing absolute bearishness and FUD here either [fear, uncertainty, doubt]. I’m actually saying, ‘Hey, you know, maybe we should get a little more optimistic. We should be greedy when other people are afraid.’ I don’t think this is the right time to call for an outright bear market. That certainly doesn’t show up when it comes to the ETH/BTC ratio.”
Source: DataDash/TradingView
The analyst sees BTC’s current $30,000 range as strong support for the leading crypto-asset market capitalization. Merten says he thinks this is about as low as Bitcoin will go and that now is not the time to turn bearish.

“The last thing on my mind is breaking convictions and selling my positions at $30,000. Certainly in this case we saw that the worst case scenario we talked about on the channel dropped to $30,000. Prices could possibly go down. I have to be honest with you all, I don’t see it happening. I’ll stick to my guns. The reason for this, and that’s a big point to emphasize two steps behind.

I remember how many times we retested this range here at $30,000 in May 2021 when macro sentiment was much more bullish. I remember a lot of times people were like, “Oh my god, in that case we’re going to sell, we’re going to go below that range.” But every time buyers came. You bought this assortment. Just like they did here in January 2021. And just as we are seeing right now with market prices here on May 10th.

Merten notes that it is important for investors not to abandon this price range as Bitcoin and the rest of the crypto market have already corrected up 50% from their previous highs.

Check the price action

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button