Successful trader Nicholas Merten says the recent market pullback offers huge opportunities for Ethereum (ETH), Solana (SOL), and Avalanche (AVAX). In this article, let’s take a look at Merten’s expectations from the altcoin market, keeping in mind that the forecasts lack sharpness.
These 3 altcoins offer great opportunities
cryptocoin.com Nicholas Merten, for whom we shared his analysis, said in a new strategy session that the prices of the leading smart contract platform Ethereum (ETH) and its two rivals have reached the opportunity zone that can offer opportunities for bulls. The analyst shares his thoughts with:
Ethereum is down 48% since May. Whatever you feel about these protocols, I have to say that I like Solana a lot more with a 68% discount in the $80-$90 range than buying it at $253. There is also Avalanche here. Another great first-layer protocol, going from about $150 to $50, buys at about a two-thirds correction in value and close to 66% off.
- Ethereum hit $3,730 in the new year but has witnessed a series of price drops, dropping 29.8% in January to trade at $2,505.37. Successful layer one protocol Solana is down from $173.62 to $99.10 in 2022, while Avalanche is trading at $67.30, down 36.4% from its January 1 price of $110.70.
Finally, Merten says that Bitcoin (BTC) is at a really critical point:
The Fed meeting will likely either lead us towards the $150K, $200K range we’ve talked about in the past, or it will lead us to what could potentially happen. A bear market is not just for crypto, but for all markets as well.
- Bitcoin has been in a long downtrend since hitting an all-time high above $69,000 in November. It’s down 19.3% this month alone, trading at $37,009.54 from the 2022 peak of $47,292.
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