Nicholas Merten from DataDash provided a clear snapshot of current crypto market trends. Bitcoin recently tested its 21-day moving average after a strong October rally driven by major ETF inflows of over 76,000 BTC - the largest seen since February. This development signals potential bullish momentum.
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However, Merten stressed that Bitcoin must maintain this support level for altcoins to benefit.
Altcoins are currently facing tough conditions, with their market cap dropping nearly 20% since April. Merten advises patience, as failing to hold Bitcoin's 21-day average could mean further declines for altcoins. He sees this as a potential accumulation period, where well-timed entries could yield strong returns if Bitcoin moves to $80K-$90K.
On a broader scale, Merten warned of possible stock market corrections due to high valuations and rising volatility. His advice? Stay alert, make strategic moves, and take profits smartly to secure gains in an unpredictable market.
