A closely watched trader believes the crypto market is nearing the end of its rally after a stellar performance last year.
Pseudonymous analyst The Flow Horse tells his 196,800 followers on social media platform
According to the trader, his bearish view in the short to medium term would be debunked if investors put massive liquidity into Bitcoin (BTC) exchange-traded funds (ETFs).
The US Securities and Exchange Commission (SEC) is expected to decide on a series of BTC ETF applications between now and tomorrow.
Say The current horse,
“Unless ETFs really start to print, we have used the juice in my opinion. Not permanently, but there could be a long period of stagnation and the market taking back unskilled profits.
Think how ridiculous it is that people still say, “Things have only just begun… The biggest bull rally is about to begin.”
Do you sleep under a rock? The printer has been printing for a year straight.”
The trader continues participation that the long consolidation period can last six months or more.
“Six to eight months is fine. It’s the first few months that I worry about.”
As The Flow Horse sees the crypto markets correcting and consolidating in the coming months, he thinks believes that Bitcoin will continue its long-term bullish trajectory.
“Positive drift of passive flows into a new asset defended by younger generations. One of the reasons I can’t even have conversations right now about “What if Bitcoin finishes appreciating?” The return will decline, but in the long run it will rise to the right.”
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Generated image: DALLE3
