The Bitcoin (BTC) rally over the past week has been met with mixed reactions from analysts and traders. One of those who is less than optimistic about the flagship crypto asset’s prospects is Nicholas Merten, a popular analyst and trader who boasts 511,000 YouTube subscribers.
Merten recently shared his thoughts on BTC in a recent video where he mentioned that although its correlation to Nasdaq stocks looks bullish for now, it may not be enough given the current macro environment. He believes that due to certain factors such as high inflation expectations among investors coupled with rising government debt levels will cause BTC’s price action to stagnate or even decline in coming weeks.
He also noted that while some altcoins have seen significant gains lately – Ethereum (ETH), Binance Coin (BNB), Cardano (ADA) – these are unlikely to provide any meaningful upside potential when compared against Bitcoin’s market cap dominance which currently stands at around 60%.
Ultimately, Merten concluded by cautioning viewers against putting too much faith into what could turn out be an unsustainable rally fueled largely by speculation rather than fundamentals-based growth drivers like institutional adoption or real-world usage cases for blockchain technology..
Given this outlook from one of today’s most respected analysts and traders in cryptocurrency markets it might make sense for investors looking towards more long term investments strategies should take heed before jumping onto any FOMO bandwagon caused by short term volatility spikes within crypto markets
