A closely watched crypto strategist says he is snapping up seven altcoins as he believes the markets are about to enter a bull market cycle, similar to the parabolic rally that took place in mid-2020.
Pseudonymous analyst The Flow Horse tells his 200,900 followers on the social media platform
The analyst says the period will likely be similar to crypto’s extremely bullish price action in 2020, when Bitcoin rose from around $10,000 to $64,000 in less than a year. In the same time frame, the total market capitalization of altcoins (TOTAL3) shot up by almost 1,000%, from about $73 billion to $793 billion.
Say The current horse,
“Yes, we are on the same path now. This is why I have emphasized that the periods of euphoria we have had recently so far and any pullbacks should be understood as small scales within a much larger trend and a more unimaginable set of circumstances.”
In anticipation of a huge market-wide rally, the analyst says he is accumulating a handful of altcoins, including the native assets of smart contract platforms Solana (SOL), Near (NEAR), Sui (SUI) and Avalanche (AVAX).
“Some positions are increasing and some are completely new as of today:
- MINA
- SUI
- AVAX
- SOL
- RNDR
- WIF
- NEAR.”
As for Bitcoin (BTC), the trader thinks that the current increase will not stop at $50,000.
“Bitcoin appears to be ripping much higher.
Make sure you keep an eye on the fastest horses, and don’t be that dummy trying to outsmart what the market is already showing you by looking for a third straggler.”
At the time of writing, Bitcoin is worth $50,032.
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Generated image: Midjourney