The Flow Horse, one of the popular analysts and traders of the cryptocurrency world, Bitcoin He thinks the price is in a downward trend in the short-term outlook.
The Flow Horse, spot Bitcoin ETFThe announcement regarding the approval of may create excitement in the market and therefore support the rise in the first stage. thinks. However, the analyst later stated that the rally would also take a hit due to the lack of underlying demand. According to the analyst, the BTC price, which will rise under the pressure of speculators, may decline in a short time due to the lack of basic demand.
Just some thoughts this morning.
Every time Bitcoin pops up someone offloads.
NEWS CONTINUES BELOWSo, either BTC starts selling into the announcement this week and then sells even harder post announcement, or we trade flat til then and pop on announcement and then sell off.
Either way, lower BTC…
NEWS CONTINUES BELOW— HORSE (@TheFlowHorse) December 28, 2023
The Flow Horse He also thinks that bearish price action for Bitcoin could even hinder the ETF announcement. The U.S. Securities and Exchange Commission may be preparing to make a decision on the status of spot BTC ETF applications it receives by January 10, 2024, according to a Bloomberg analyst.
Koinfinans.com As we reported, the analyst thinks that a sales pressure may begin in the last week of the year or it may remain horizontal and focus on possible ETF approval. While possible approval has the potential to increase the price, investors who want to make a profit can also start selling with the approval.
The analyst thinks that regardless of the dynamics in the market, the first support is around $ 40,000 and all investors, even the futures market, have their eyes on this level. According to the analyst, especially investors who open futures transactions are likely to create more volatility in the market.