A leading crypto strategist believes Bitcoin (BTC) and the crypto markets are due for another correction before there is a sustainable recovery.
Pseudonymous analyst The Flow Horse tells his 223,400 followers on social media platform backwards after an extreme correction.
On Monday, Bitcoin fell as much as 15% to $49,000 before the BTC bulls stepped in and pushed the price above $50,000.
According to the analyst, the markets are more likely to do so revised lows before any recovery could take place.
“After such significant moves, we don’t often see a quick turnaround unless there is news or an incredible positioning imbalance.
Neither is here.
YYou will most likely get a few chances to buy lower again, just be patient and enjoy the volatility.”
But amid the sharp pullback, the top trader is reminding his followers that Bitcoin and crypto have entered a new era with the introduction of exchange-traded funds (ETFs).
“Despite all this, don’t lose the plot.
ETFs are definitely closer to the beginning of this asset class than the end…
Keep in mind that the integration of these products is still in its infancy and as a result we are likely to see massive changes in the market structure. I’m a big believer in the idea that we don’t see the same four-year cycle continuing.
Stay sharp, the game board is much more difficult, but the game will not be taken away from you.”
Him too believes The correction in the stock market is temporary and will be higher in the coming months.
“My only firm belief is that in six months the stock market will be higher and we will be chatting about something else.”
At the time of writing, Bitcoin is worth $55,660.
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Generated image: Midjourney