Top trader says Bitcoin is on the cusp of higher prices as new narratives take hold – here's his outlook
A closely followed crypto trader says Bitcoin (BTC) is likely to rise due to a major development just a few months away.
Pseudonymous trader The Flow Horse tells his 199,500 followers on social media platform
Every four years, Bitcoin has a halving event, where miners' rewards are halved. Historically, halvings have correlated with Bitcoin bull markets.
Says the Flow Horse,
“Just a word of advice, as most people in this market are obsessed with intraday activity and trying to emulate their favorite traders by taking advantage of every little move the market offers: we are on the cusp of the most reliable and popular narrative that this market has ever seen up to this point. It's a small sample size, but it's all we have.
Whether you enter at $43,000 or $33,000, higher prices are more likely before the halving and immediately after. This boat will carry all the others.”
However, the trader also warns of near-term volatility as a huge supply of Bitcoin flows into leading US crypto exchange Coinbase, potentially creating headwinds for BTC price.
“There seems to be someone offering a decent amount of BTC on Coinbase again. The previous pattern has been to sell aggressively, let the price rise towards the sell walls, and so on.”
Bitcoin is trading at $43,462 at the time of writing, up slightly in the last 24 hours.
Don't miss a thing – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check out the latest headlines
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock/VFX Video/Panuwatccn
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.