A widely followed crypto analyst names two altcoins he’s bullish on as Bitcoin (BTC) reclaims the $38,000 range.
Pseudonymous trader The Flow Horse tells his 188,00 followers on social media platform
“Things I’m optimistic about.
Consistent leaders of this step – SOL and LINK are good examples.
Any project that can be tangibly associated with artificial intelligence.
New coins with few available floats. No psychologically damaging bearish price history and bag holder overhang.”
Chainlink is trading at $14.58 at the time of writing, up 2.2% in the last 24 hours. Meanwhile, Solana is trading at $57.92 at the time of writing, up 5.6% in the last 24 hours.
The trader too predicts that the market will remain strong ahead of a possible decision by the US Securities and Exchange Commission (SEC) to approve a spot BTC exchange-traded fund (ETF). He says if the ETF is approved, the market will likely rise before a sell-off occurs.
“A lot of people are being chopped to pieces right now.
Here are my two cents: No one of significant size is selling before the ETF decision, what we are seeing are some small leverage washouts and spot dumps that are immediately bought back up. If we have a flush before the decision, that would be the kind of flush that would be worth keeping away from your desk, because chances are, if you are distracted, you won’t sell the bottom part of it, to then see it come back again. trading session later.
CME (Chicago Mercantile Exchange) is long to the gills, although rolling up the futures curve is getting expensive. (Sell low and buy higher over time) So once the ETF news hits the tape, expect the market to jump higher. This is when TradFi (traditional finance) will start taking profits in the late retail momentum chasers. This is really an easy spot trade. If you go short, keep it tactical.”
Bitcoin is trading at $38,164 at the time of writing, up 2.8% in the past 24 hours.
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Generated image: Midjourney
