A closely watched crypto trader says Bitcoin’s (BTC) recent rally likely has more fuel in the tank and says he has a near-term price target in mind.
Pseudonymous trader The Flow Horse tells his 183,000 followers on social media platform
According to the trader, Bitcoin’s clear break through the $32,000 area is evidence that there could be another step forward for the king crypto.
“Zooming out, I find it difficult to see Bitcoin reaching at least $39,000 anytime soon.
We’ve come out of a multi-quarter range and put a lot of people in an uncomfortable position, wondering whether to chase or not.
It would be a rare occasion that this doesn’t go on for a little bit longer before people are finally lured into the worst possible place.”
Also the Flow Horse say The only thing that could undermine crypto’s strength is if something big happens in traditional financial markets, although he notes that stock markets have already corrected significantly without having much effect.
“My only concern for crypto is whether the legacy does something strange, and right now, even though we are well off the highs, there are almost no fear meters blinking.”
At the time of writing, Bitcoin is trading at $34,189.
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Generated image: Midjourney