- Top Bitcoin bull says altcoin breakout is imminent
- The analyst expects Ethereum, XRP, and Litecoin to initiate major rallies
- Smaller cryptos have room to grow against BTC
Ethereum News Today – according to digital currency strategist Nicholas Merten, altcoins are set to rise against Bitcoin. The large-cap digital tokens including Ethereum, XRP, and Litecoin are beginning to show strength in their BTC trading pairs. Speaking on the most recent episode of DataDash, Merten talked about Ethereum and other cryptocurrencies. He sees the crypto posting solid bullish signals against Bitcoin.
“The longer-term indicators are beginning to show that we are set for a reversal. If you take a good look at the price of the digital asset, you’ll see that it’s a good thing. This is what everyone wants to see. It includes sideways consolidation, higher lows, and no further sell-side action. Now, we are only looking for higher highs. Which is different compared to what was set in December 2018.”
Litecoin to Initiate Large Upside Action/XRP to Suffer Pain in the Short-term
As for the price of XRP, Merten thinks the crypto will likely face more pain than post gains in the short-term outlook. Although, he expects Ripple’s native digital asset to trigger a parabolic rally against BTC after completing a bullish pattern.
“It’s been nearly one year that XRP has been in its current descending wedge. There is no doubt this is going to be weeks or maybe a month or that XRP gets to break the descending wedge. After that, this happens, we can start seeing the type of volatile upside known for XRP and we begin to get a parabolic rise for cryptos.”
Talking about Litecoin, Merten remarked that the digital asset offers a huge upside action against Bitcoin after it dips to the tried and tested buy position he predicted.
“When we get to that price range, the coin is either instantly uplifted (buyers start to coming in at this price position). After that, the coin can kick off what is about to be a 400% gain in value against the number one cryptocurrency Bitcoin.”
Smaller Cryptos will Grow Against Bitcoin
According to Merten, smaller altcoins now have more room to extend their growth against Bitcoin. He also expects tokens like Ren (REN), Basic Attention Token (BAT), Aave (LEND), Kava (KAVA), Kyber Network (KNC), and iExe RLC (RLC) to ignite following an extended period of short-term consolidation. The crypto analyst also opined that the six altcoins will be solid long-term.
These altcoins offer the potential to produce outsized gains with their BTC pairs when compared to the large market cap cryptos. Although Merten is feeling bullish on the above-mentioned digital assets, he notes the unpredictability/volatility of the overall crypto market is essential here. Hence, anything is possible in the volatile cryptocurrency space.