A widely followed crypto analyst and trader is bearish on Bitcoin (BTC) in the short term.
Analyst known by the pseudonym Flo Horse To tell The X social media platform’s 194,800 followers claimed that the announcement regarding the approval of Spot Bitcoin Exchange Traded Fund (ETF) would create excitement in the market and could initially push BTC prices higher.
However, The Flow Horse believes that there is a lack of pent-up demand for Bitcoin and that speculators, rather than spot buyers who actually believe in Bitcoin’s value, may be dominating buying activity. It states that there is. According to the pseudonymous analyst, a sharp correction in Bitcoin prices could follow the initial price spike following the ETF announcement.
“There will probably be a major spill. ”
flow hose too To tell Bitcoin’s bearish price action could pre-empt an ETF announcement. The U.S. Securities and Exchange Commission could make a decision on the status of accepted spot Bitcoin ETF applications by January 10, 2024, according to Bloomberg analysts.
“This means both BTC will start selling in preparation for this week’s announcement.” [December 24th – 30th] You can then sell even harder after the announcement, or trade sideways until then, and then sell after hearing the announcement.
In any case, after the ETF approval, BTC will drop a little and then rise again.
Given how bullish the market is, [how] Being so keen to bid, I think you can expect the first line of defense to look at the decline towards $40,000 as a gift and bid hard again on the futures contract. Expect them to wash out too. ”
At the time of writing, Bitcoin is trading at $42,829.
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