Here are 7 altcoins that Master Analyst thinks will explode and their reasons
Nicholas Merten: Bitcoin is probably approaching $ 11,000 here
In the last part of DataDash, crypto analyst Nicholas Merten examines when the altcoin market can start to return. The analyst says the following:
BITCOIN IS PROBABLY APPROACHING $ 11,000 HERE, BTC IS BREAKING FROM VERY LONG-TERM WEDGE, RISING ABOVE RESISTANCE AND PROVIDING SUPPORT FOR THE COMING MONTHS. IF BITCOIN CAN DO THIS AND START TRIGGERING THE NEXT CYCLE, THIS IS ACTUALLY VERY GOOD NEWS FOR ALTCOINS. SO WHY IS THAT? BECAUSE WE NEED AN INCREASE IN LIQUIDITY AND VALUATION IN THE BITCOIN MARKETS, USUALLY THIS KIND OF BENEFIT FLOWS INTO THE ALTCOIN MARKETS.
Master analyst: We can see fireworks in Ethereum before the end of 2020
If a new altcoin season begins, Nicholas Merten says we can see the fireworks in Ethereum (ETH) before the end of 2020. Analyst adds:
WHAT WE WANT TO LOOK FOR IS A FINAL BREAK ON THIS WEDGE AND MORE…. APPARENTLY, WE ARE BEING FORMULATED FOR SOME TIME BY THE WINTER OF 2020, QUITE CLOSE TO OUR OVERALL ESTIMATES OF ALTCOIN DOMINATION AND BITCOIN.
Another altcoin that Nicholas Merten is interested in is Litecoin
Another altcoin that Nicholas Merten is interested in is Litecoin (LTC ). The analyst expects cryptocurrencies to continue its downward trend against Bitcoin in the short term, while seeing a strong recovery on the horizon. Analyst adds:
LITECOIN HAS BEEN FALLING DRAMATICALLY OVER THE PAST FEW WEEKS COMPARED TO BITCOIN. IF WE SEE THAT HE VISITED THIS GENERAL RANGE WE SAW IN 2017 AND THEN EXPERIENCED A STRONG REBOUND, THIS WILL PROBABLY BE A SIGN THAT WE ARE ENTERING THE ALTCOIN CYCLE.
The famous analyst is a ChainLink fan! Here are other altcoins that he thinks will rise
Nicholas Merten is also a fan of ChainLink (LINK). Instead of sharing his technical knowledge of LINK, Nicholas Merten explains the usage status of cryptocurrencies, which increased by 121% compared to 35% of Bitcoin in 2020. Analyst adds:
SMART CONTRACTS ON ETHEREUM BLOCKCAHINS CAN BE VERY USEFUL. HOWEVER, THEY ARE NOT VERY USEFUL IF THEY CANNOT COMMUNICATE WITH THE OUTSIDE WORLD, AND THIS IS A LIMITATION OF THE ETHEREUM NETWORK. BECAUSE EVERYTHING IN ETHEREUM’S CHAIN CAN REALLY ONLY BE TRANSMITTED WITHIN ETHEREUM. WE NEED SOMETHING THAT CAN HELP BRIDGE THE GAP BETWEEN ALL TRADITIONAL ENTERPRISE ARRAY SYSTEMS AND THE OUTSIDE WORLD, AND ACTUALLY CONNECT IT TO SMART CONTRACTS AND OTHER PROTOCOLS IN ETHEREUM BLOCKCHAIN. I THINK CHAINLINK WILL NOT ONLY SERVE ETHEREUM, BUT WILL ALSO SERVE HYPERLEDGER AND BITCOIN.
Nicholas Merten also sees an upward trend in altcoins such as Kyber Network (KNC), Unibright (UBT), Ren (REN) and Compound (COMP).