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Nicholas Merten, a well-known figure in the world of cryptocurrency analysis, has recently shared his apprehensions regarding the altcoin market. Merten’s analysis suggests that altcoins are facing a significant challenge, with a pattern of consistently lower highs since May. This persistent pattern could potentially lead to a considerable decline in the total market capitalization, possibly shedding around $60 billion. Such a substantial correction, amounting to over 25%, would come on top of previous downturns that have already taken a toll on altcoin values. Merten also shed light on the hurdles Ethereum ( ) encountered, a major player in the landscape. Despite promising developments within the Ethereum ecosystem, ETH has struggled to break the $2,000 price barrier. Merten’s analysis prompts a critical question: Are there more eager buyers or sellers in the market? This query highlights the uncertainty surrounding Ethereum’s current trajectory and the need for a deeper evaluation of market dynamics. Furthermore, Merten divulged his inclination to engage in short selling of Bitcoin ( ) based on the prevailing market conditions. He foresees a potential downturn for Bitcoin’s price, suggesting that it may soon fall below the 200-week exponential moving average ( ). This technical indicator typically signifies a bearish sentiment in the market, prompting Merten to consider this as an opportune moment to initiate a in Bitcoin.
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