Popular crypto strategist Nicholas Merten explained that Bitcoin (BTC) and crypto markets are still showing bullish signs despite ongoing geopolitical tensions.
In a recent strategy session, Merten mentioned to 511,000 YouTube subscribers that the TOTAL chart, which tracks the value of the entire crypto market, looks at price action.
Despite the deep pullbacks over the past year, Merten emphasizes that the total value of all crypto assets continues to form bullish highs (when the price does not go below the lowest point, but rises with occasional upward and downward price action).
“Looking at the overall market cap, we can see here that since January (2021), there has been a consistent overall range in which buyers have entered prices…
Now we see buyers coming back here as they did in the second part of January (2022) and buying prices in this $1.5 trillion valuation range for the entire crypto market.”
The crypto analyst underlines that the jump took place after the outbreak of the military conflict between Russia and Ukraine.
“The first major geopolitical conflict that truly, potentially frightened much of the West failed to bring the price of Bitcoin down… Only in the Cold War [veya] One of the biggest macro events, comparable to the tension we experienced in the Second World War, failed to bring Bitcoin down. This is an incredibly resilient sign for crypto markets.”
Merten also took a close look at the leading smart contract platform Ethereum and said that ETH reached the largest trading volume in more than six months on February 24.
“Consider the flexibility for Ethereum trading, the volume here, this was the biggest trading day for Ethereum since July 2021…
If you look at the short-term chart, most of the volume coming in on the buy side is pushing prices higher, forming a nice base at $2,600.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.