A closely watched crypto trader says Bitcoin (BTC) is likely to soar higher on a major development that is just months away.
Pseudonymous trader The Flow Horse tells According to his 199,500 followers on social media platform
Every four years, Bitcoin has a halving, where miners’ rewards are halved. Historically, halvings have been correlated with Bitcoin bull markets.
Says the current horse,
“Just a little advice, since most people in this market are obsessed with intraday activities and try to emulate their favorite traders, taking advantage of every little move the market offers: we are on the verge of most reliable and popular story this market has seen to this point. It’s a small sample size, but it’s all we have.
Whether you get in at $43,000 or $33,000, higher prices during the halving and immediately afterwards are more likely. This boat will lift all others.”
But so does the trader warns of short-term volatility as a huge supply of Bitcoin flows into top US exchange Coinbase, creating a potential headwind for BTC’s price.
“There seems to be someone offering a decent amount of BTC on Coinbase again. The pattern so far has been aggro selling, driving the price higher into the selling walls and repeating.”
Bitcoin is trading at $43,462 at the time of writing, up slightly in the past 24 hours.
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Featured image: Shutterstock/VFX video/Panuwatccn