One closely watched trader believes the cryptocurrency market is nearing the end of its uptrend after an outstanding performance last year.
Household analyst The Flow Horse told his 196,800 followers on social media platform
According to the trader, his short- and medium-term bearish outlook will be nullified if investors pour massive liquidity into Bitcoin (BTC) exchange-traded funds (ETFs).
The U.S. Securities and Exchange Commission (SEC) is expected to make decisions on a series of BTC ETF applications between now and tomorrow.
Called flow horse,
“Unless ETFs actually start printing, I think we’ve run out of juice. We could see long-term cuts and the market reclaiming unskilled gains, although they won’t be permanent.
Think how ridiculous it is that people still say ‘the work has just begun… the biggest rally is about to begin’.
Do you sleep under a rock? “The printer has been printing continuously for almost a year.”
The merchant continues say Long consolidation periods can last half a year or more.
“Six to eight months is fine. “What I’m worried about is the next few months.”
The Flow Horse believes that the cryptocurrency market will adjust and consolidate in the coming months. Believe Bitcoin will continue its long-term bullish trajectory.
“Positive drift arises from the passive flow of new assets championed by younger generations. This is one of the reasons why we can’t even enjoy the conversation about ‘What if Bitcoin’s valuation is over?’ “Returns will gradually decrease, but in the long run they will rise to the right.”
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