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