Famous cryptocurrency analyst Nicholas Merten does not believe in the bright future of digital assets and predicts an apocalypse in the altcoin market.

Since May 2023, four altcoin capitalization peaks have been lower than previous peaks. By October, the value of altcoins will fall back to $150 billion, down $60 billion.

This could signal a further 25% correction, even despite recent altcoin failures,” Merten said during the video.

Merten’s forecast for altcoin exchange rate changes

Nicholas does not take into account the market capitalization of all altcoins, because the total value of cryptocurrencies excluding bitcoins is $ 519.6 billion, and the analyst’s chart shows a figure of $ 213.9 billion. However, the fall in the level of capitalization of $ 60 billion announced by him indicates a decrease in the rate of altcoins by 29%.

Merten also noted that the bitcoin price is also in danger of collapse. In his opinion, if the bulls fail to break through the resistance barrier at around $28,300, BTC will become cheaper.

Right now, the coin’s exchange rate is barely above the 200-week exponential moving average, and accordingly, a breakdown of this line is likely to lead to a powerful dump.

By Linda

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