In a crypto market in which there’s a strong correction for a while, there are still optimistic crypto predictions popping up.
There are signs of an upcoming rally in the crypto market
Crypto analyst Nicholas Merten said that he sees more signs of an upcoming rally in the altcoin market.
Merten runs the popular YouTube channel DataDash, and he said that Bitcoin’s dominance of the overall crypto market looks like it’s getting weaker.
He believes that BTC will continue to drop but not in the long term, and this will give Ethereum, XRP, and LTC a chance to stage a rally against BTC.
“We started to see a major shift here over the last few weeks, and that is Bitcoin dominance starting to decline. This really started to happen back here in early September. Ever since then, people have gotten worried with the idea that we might be seeing a trend shift. Whereas, for example, we were setting higher lows and higher highs here for Bitcoin, we’re now seeing the opposite. Lower highs and lower lows,” he believes.
A trend reversal in the crypto market is approaching
He continued and explained “That’s a sign of a trend reversal. Especially when you’re setting multiple lower lows and lower highs. That’s what I look for. And what I’m really looking for is a significant break below 67.5%…”
He said that XRP and ETH are following suit. Merten also said that LTC is another digital asset that can be poised for a surge.
He also said that the interesting thing about LTC is that there are a lot of indicators are looking good.
The crypto market has been really volatile recently and BTC suffered a strong correction.
At the moment of writing the article, BTC is trading in the red and the coin is priced at $7,923.31.
Check out the video shared by the Daily Hodl in order to find out more about what he had to say.