The situation surrounding the Bitcoin ETF is causing bearish forecasts. One of the best-known crypto strategists is now pulling the ripcord, warning: Bitcoin (BTC) is out of steam! It is “ridiculous” to expect another bull run. Should you sell cryptocurrencies?
When to decide on Bitcoin ETF?
The back and forth with Bitcoin ETFs is putting a strain on the crypto markets: The global crypto market capitalization has lost -1.4% within the last 24 hours, it is currently at $1.69 trillion. All cryptocurrencies in the top 10 by market capitalization are in decline, only Ethereum (ETH) is pumping: the smart contract platform is currently making daily gains of a whopping +5.11%.
Some smaller altcoins are also demonstrating strength: Above all Lido DAO (LDO) with an increase of 16.65%, Solana meme coin Bonk (BONK) with 15.89% as well as Rocket Pool (RPL, +15%) and Arbitrum ( ARB, +12%). Apart from that, the crypto markets seem to have reached their peak, which means things are going down again from here. At least that’s what the pseudonymous top analyst and professional trader “TheFlowHorse” believes.
In his opinion, Bitcoin is out of steam until the Bitcoin ETFs start pumping capital into the markets again. Bitcoin is currently trading at $45,636, the number 1 cryptocurrency has lost a whopping $50 billion in market capitalization as a result of the fake SEC ETF report. TheFlowHorse to its 197,000+ followers on Twitter (now X):
Think of how ridiculous it is that people are still like …“Things are just getting started!”….”The biggest bull rally is about to begin!”
Motherf*cker do you sleep under a rock?
The printer has been printing for like a year straight.
— HORSE (@TheFlowHorse) January 7, 2024
Is Bitcoin heading for a correction?
In about six months everything would look different again – but the next few months would cause him worries. Because: He expects further losses and subsequent sideways trading in Bitcoin (BTC) and the crypto markets.
6-8 months is fine. It is the immediate few months I am concerned with.
— HORSE (@TheFlowHorse) January 7, 2024
Some digital assets are already losing massively: Stacks Coin (STX), for example, has lost -11% since yesterday, Injective (INJ) follows with -9.22%. Sei Coin (SEI) is also under pressure, losing 8.82%. This is followed by less well-known cryptocurrencies such as Axelar (AXL, -7.7%) or Astar (ASTR, -6.15%), Klaytn Coin (KLAY) even loses -33.52% on a weekly basis.
Many investors are asking themselves after the Bitcoin ETF fiasco: What happens next? Bloomberg ETF analyst Eric Balchunas, for example commented: The SEC is expected to announce the approval of the Bitcoin spot ETF around 10 p.m. and it is scheduled to be listed on Thursday. Whether that will actually happen remains to be seen.
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