A closely followed crypto trader says that Bitcoin (BTC) is likely to head higher due to a key development just months away.
Pseudonymous trader The Flow Horse tells his 199,500 followers on the social media platform X that the upcoming Bitcoin halving in April is likely going to send the crypto king’s value soaring as it has in the past.
Every four years Bitcoin has a halving event, when miners’ rewards are cut in half. Historically, the halvings have correlated with Bitcoin’s bull markets.
Says The Flow Horse,
“Just a little advice, as most people in this market are obsessed with intraday activity and try to emulate their favorite traders, riding every little move the market offers: we are on the cusp of the most reliable and popular narrative that 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 going into the halving and right after are more likely. This boat will lift all others.”
However, the trader also warns of short-term volatility as a huge supply of Bitcoin flows into top US crypto exchange Coinbase, creating a potential headwind for BTC’s price.
“There seems to be someone offering a decent amount of BTC again on Coinbase. The pattern to this point has been aggro sell, let price drift higher into sell walls, and repeat.”
Bitcoin is trading for $43,462 at time of writing, up slightly in the last 24 hours.
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