Trader Warns of Continued Bitcoin Downtrend Amid Lack of Major Buyers
Veteran trader known as The Flow Horse predicts that Bitcoin (BTC) might face further declines in the near future due to insufficient large-scale buying activity.
The Flow Horse suggests that Bitcoin could mirror Ethereum’s (ETH) recent performance against Bitcoin (ETH/BTC), which has shown a consistent downward trend.
He notes that without significant investment from major players, Bitcoin may continue to experience slow, persistent declines with occasional recoveries.
He explained, “Bitcoin might follow a similar slow decline as seen with ETH/BTC. For Bitcoin to change course, substantial buyers need to enter the market and drive up prices.
READ MORE: Bitcoin Faces Pressure as $15 Billion in BTC Could Hit the Market
Without this, the market will remain influenced by short-term traders rather than long-term investors. The presence of ETFs alone isn’t enough to create positive momentum without a broader base of committed buyers.”
“Bitcoin is in a range” pic.twitter.com/RU5HhBj9Va
— HORSE (@TheFlowHorse) August 29, 2024
The analyst emphasizes that Bitcoin is currently trending downward, marked by a series of lower highs and lows, rather than fluctuating within a range as some suggest.
Given the current lack of strength in the crypto market, The Flow Horse has allocated most of his capital into stablecoins, awaiting significant market changes before making any new investments.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
