A closely followed crypto strategist calls Bitcoin (BTC) an easy long-term trade because of one potential catalyst.
Pseudonymous analyst The Flow Horse, also known as Cantering Clark, tells his 180,900 X followers that he is bullish on BTC long-term because he believes the US Securities and Exchange Commission (SEC) will eventually approve Bitcoin spot exchange-traded funds (ETFs).
“I like the people who are still vehemently bearish on Bitcoin while fully aware that an ETF is on the way. Do you realize how much goes into marketing these instruments while they are live? This is such an easy long term trade.
The Flow horse notes that its bullish outlook does not mean a straight upward trajectory for the king crypto, but periods of volatility.
“The best part of posting something like this is how people interpret which timeline this applies to. Always someone who is going to think that literally just means MORE from the last price before the post.
Bitcoin is trading at $29,369 at the time of writing, down 0.1% in the past 24 hours.
Next, the trader updates his view of memecoin Shiba Inu (SHIB). He notices open interest and financing are going up, indicating a move up may be coming soon.
“It looks like someone is building a long position in SHIB, which is also about to go narrative. More up.”
Shiba Inu is trading at $0.0000101 at the time of writing, up 2.3% in the last 24 hours.
The Flow Horse is also close by watching Bitcoin’s at-the-money implied volatility, which is probable price movement, and he says shows that Bitcoin is seeing selling pressure.
Damn volume buyers can’t catch a break. Almost as if no one has any real expectations in the near future. The front is bumped up, still higher than a week ago for the recent pop, but selling again.
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