A widely respected cryptocurrency analyst believes one hot altcoin project built on the Bitcoin (BTC) blockchain has more upside potential.
In a new strategy session, DataDash host Nicholas Merten told his 510,000 YouTube subscribers that Stacks (STX), a project that aims to enable smart contracts and decentralized finance (DeFi) applications on Bitcoin, is taking advantage of Bitcoin’s market strength. They say you can benefit from it. Best performing digital assets.
“Now the narrative is Bitcoin-centric. The focus is on Bitcoin becoming an institutional asset, global collateral, or hedging asset. The stack is fundamentally built around Bitcoin and we see technical formations over the long term, so if the ETF (exchange-traded exchange) can continue this momentum, we see a lot of room for it to continue to rise. (Fund) side.”
The trader also believes that the stack may be forming a bullish pattern against Bitcoin (STX/BTC).
“The BTC pairing gave me what I was looking for here. I think the price will close above this wedge for the first time by the end of the week. I would like to see a place like this up close. Then you’ll have much more confidence about your next big move.
I know a lot of people may be saying, ‘We’ve already come up from the lows and we’re more than twice up against Bitcoin in November.’ But for me, that’s what excites me. “The fact that we have taken that action, and the fact that we are not seeing prices fall, tells us that supply-demand imbalances can actually accelerate prices.”
STX/BTC is trading at 0.00004827 BTC ($2.50) at the time of writing. STX is up about 330% from its price of $0.58 on November 23rd.
The trader also said that Stacks appears to be repeating its historical price pattern, which could lead to a massive rally to $17.
“We had good support here between June 2023 and October 2023, followed by a solid expansion in support. Here we see history repeating itself within the price action, giving us confidence that we may indeed be able to rally towards this upper channel. . “Time will tell when that will happen.”
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