A popular crypto trader and analyst says the altcoin market appears to be reaching a bottom.
Once the market turns around, Scott Melker says he expects a boom like no other.
“I think we are very close to an altcoin bottom here. May be a simple bounce, but I think the R/R is approaching levels where buying is worth it…
I believe that the coming alt season will likely dwarf those of the past. My beliefs are meaningless and can’t be traded.”
Melker is calling out several altcoins he’s keeping an eye on.
He says the decentralized lending aggregator Yearn.finance (YFI) will likely continue to surge against Bitcoin. He’s expecting the DeFi asset, which took the market by storm over the summer, to continue to soar once the altcoin market gets going.
Over halfway to the target. pic.twitter.com/GV0nyA6Nfd
— The Wolf Of All Streets (@scottmelker) November 19, 2020
Melker is also expecting YFI clones YFII and YFDAI to surge.
“This is now a 50x on YFDAI 2 months later and I honestly believe it still has far to go.”
As for Bitcoin, the analyst says the leading cryptocurrency’s has a lot more upside potential in the long run.
In the short-term, he’s waiting for a major dip that could be the last chance to buy BTC on the cheap, relatively speaking.
“Target of last setup hit, breaking through last levels of resistance on lower time frames before all time high. Bitcoin going wild. Check out the volume. It is rising significantly with increased candle spread. Bullish AF…
I believe that the next major dip (there will be one) will be the best/last opportunity to buy cheaper.”
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