A well-known trader, The Flow Horse, is predicting a slow but painful decline for Bitcoin unless big investors step in to buy. He sees Bitcoin following the same pattern as Ethereum, which has been steadily dropping in value against Bitcoin for months.
The Flow Horse’s Prediction
The Flow Horse, who has over 200,000 followers on social media, believes Bitcoin will continue to slide downwards with occasional small rebounds. He says that unless wealthy investors start buying Bitcoin in large quantities, the market will be dominated by short-term traders who are more likely to sell than buy.
He explains that simply saying “ETFs are buying” isn’t enough, as there isn’t a guaranteed pool of buyers to keep the price up. If there were, Bitcoin would be showing more positive signs.
Bitcoin in a Downtrend
The Flow Horse points out that Bitcoin is currently in a clear downtrend, with each high point lower than the previous one and each low point lower than the last. This is a clear indication of a downward trend, not a range-bound market as some believe.
The Flow Horse’s Strategy
Given the current market conditions, The Flow Horse is keeping most of his money in stablecoins, which are cryptocurrencies pegged to the value of real-world currencies like the US dollar. He’s waiting for a significant change in the market before investing heavily in Bitcoin again.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $57,518, down over 2% for the day.
Important Note:
This article is for informational purposes only and should not be considered investment advice. Always do your own research before investing in cryptocurrencies. /p>
