Top Trader Says 2019-Style Market Expansion Coming to Crypto Markets – Here’s His Timeline
A closely followed crypto strategist is predicting a massive expansion for the digital assets market similar to what occurred in 2019.
Pseudonymous analyst The Flow Horse, also known as Cantering Clark, tells his 182,300 X followers that the crypto market could end this year on a positive note.
In 2019, the crypto markets bounced back from a dismal 2018 and saw an expansion of decentralized finance (DeFi) projects, setting the stage for huge bull rallies in 2020 and 2021, during the height of the COVID-19 pandemic.
“Just keep thinking 2019 and you will do alright into the end of the year.
Who knows what will bring the Covid-style larger move, but I would imagine we get something similar in one form or another that gets bought up in the same fashion.”
The analyst also says he is currently only trading Bitcoin (BTC).
“Have no interest in alts right now, the only crypto trade is BTC just because of the location.”
He predicts that after the latest abrupt Bitcoin market correction, a short squeeze is likely to play out, after retesting the $25,117 level.
“I feel like the chances that the market smokes this level after the first major test is slim.
Seems like the best area to trap sellers, and arguably the best place for long contextual R:R (risk/reward ratio).
I’ll catch a falling knife.”
Source: The Flow Horse/X
A short squeeze happens when traders borrow an asset at a certain price in hopes of selling it for lower to pocket the difference but are forced to buy back the asset as momentum moves against them, triggering further rallies.
Bitcoin is trading for $26,200 at time of writing, up 1.3% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Top Trader Says 2019-Style Market Expansion Coming to Crypto Markets – Here’s His Timeline appeared first on Crypto News Australia.
Filed under: Bitcoin - @ September 15, 2023 12:42 am