Experienced trader The Flow Horse says a painful decline for Bitcoin (BTC) could be the most likely path in the short term due to a lack of big buyers.
The trader tells According to its 228,000 followers on the social media platform
According to the pseudonymous analyst, Bitcoin will likely continue to decline with periodic upswings unless deep-pocketed investors step in to boost BTC’s momentum.
“Bitcoin is likely following the same slowbleed.exe pattern as ETH/BTC. Ultimately, big buyers need to step in and start stepping up measures to send a signal to everyone else, otherwise this will be dominated by buyers and sellers with a time horizon of less than a week. It’s not as simple as ‘buying ETFs’ because there is no pool of passive buyers or mandated buyers. If it were, we would see a positive trend.”
For now, the analyst says Bitcoin is in a clear downtrend, with a series of lower highs and lower lows – not in a range as some think.
“Bitcoin is within reach”
With Bitcoin and crypto not being as strong lately, The Flow Horse shares a pie chart to show that most of its capital is in stablecoins.
“Until we see big changes.”
At the time of writing, Bitcoin is trading at $57,518, down more than 2% on the day.
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Generated image: DALLE3