A well-known cryptocurrency analyst says now is not the time to claim a bear market, despite the worrying price movement.
DataDash host Nicholas Merten inform According to 516,000 YouTube subscribers, the Ethereum to Bitcoin ratio (ETH/BTC) shows that risk sentiment is still prevalent in the crypto market.
“If you look at the ETH/BTC ratio here, there is an absolute reversal we’ve seen here over the past few hours as the ratio rises and returns to near-highs and back to the highest levels we’ve experienced. Seen from January. This is especially the volume we’ve seen on Binance yesterday. Absolutely attractive with an increase and cannot be ignored.
So I never re-emphasize the bearish and FUD [fear, uncertainty, doubt]. I was actually like, ‘Hey, maybe we should be more optimistic. We must be greedy when others are afraid.’ I don’t think now is the time to call for a bear market. When it comes to the ETH/BTC ratio, definitely not.”
Analysts see BTC’s current $30,000 range as strong support for major crypto assets by market cap. Merten said he thinks this is low enough for Bitcoin to go and now is not the time to be bearish.
“The last thing I’m thinking about is breaking my beliefs and selling the position for $30,000. Obviously, in this case, we’ve seen the worst-case scenario we talked about on the channel drop to $30,000. The price may be lower. I must be honest with all of you. I don’t see it happening. I’ll stick my gun on it. The reason, and this is a great point to highlight the two steps behind us.
I remember how many times I retested this range here at $30,000 here in May 2021 when macro sentiment was much more bullish. People say, ‘Oh my God, we’re going to sell in this case. I remember how many times I thought ‘we’re going to fall below this range’. But every time buyers came in. They bought this range. Just like it was here in January 2021. And as we see now with market prices here on May 10th.
Merten points out that it is important for investors not to abandon this price range, as Bitcoin and the rest of the crypto market have already corrected more than 50% from their previous highs.
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