Analyst Nicholas Merten says the overall crypto markets, especially Bitcoin (BTC), are “incredibly resilient.” The foundations on which these claims of the analyst are based are discussed on Cryptoify.news.
Why is Bitcoin durable?
Popular crypto strategist Nicholas Merten says that Bitcoin (BTC) and crypto markets are still showing bullish signs despite ongoing geopolitical tensions. In a new strategy session, Merten gives an assessment of all crypto markets to his 511,000 YouTube subscribers. Despite the deep pullbacks over the past year, Merten highlights that the valuation of all crypto assets continues to rise above higher low setups. The analyst says:
Looking at the overall market cap, we can see that we have seen a consistent overall range since January (2021) where buyers have come to prices here and considered significant lows before rebounding them. We’ll get here from July to September for $65,000 before we come back here in January of 2021. Now we see buyers coming here as in the second part of January (2022) and buying prices in this $1.5 trillion valuation range for the entire crypto market.
As crypto markets respect Merten’s cross-support, the analyst underlines that the leap came after the outbreak of military conflict between Russia and Ukraine. Noting the robustness of Bitcoin, the analyst says:
The first major geopolitical conflict that truly, potentially terrified most of the West failed to bring the price of Bitcoin down and it could not do that for Ethereum. One of the biggest macro events that can only be compared to the tension we experienced in the Cold War [or] World War II failed to bring Bitcoin down. This is an incredibly resilient sign for crypto markets.
Merten also takes a closer look at the leading smart contract platform Ethereum and says that ETH saw the largest trading volume in more than six months on February 24:
Keep in mind the durability, the volume here, for trading Ethereum, this was the biggest trading day for Ethereum since July 2021… If you look at the short-term chart, there’s a lot of volume coming in. On the buy side, it raises prices, creating a nice footing at $2,600.
Source: Dailyhodl
