A popular crypto strategist is anticipating a downturn in the cryptocurrency market as numerous digital assets experience a surge. The Flow Horse, also known as Cantering Clark, who is a pseudonymous analyst with a sizable following of 182,300 on X, has shared his views on potential pullbacks in the market. He identifies two projects in particular – Ethereum (ETH) competitor Avalanche (AVAX) and RUNE, the native asset for the decentralized cross-chain liquidity protocol THORChain – as being at risk of experiencing a substantial decline.
In a series of tweets, The Flow Horse revealed his bearish stance and his decision to initiate short positions in Avalanche and RUNE. He warned his followers that the current overextension in the market is poised to trigger a deeper pullback, estimating that it could reach as much as 30%. Avalanche was seen trading at $21.35, marking an 11.38% decline in the last 24 hours, while RUNE was at $6.19, down by 1.53% in the last 24 hours.
The strategist also shared his thoughts on Ethereum and Bitcoin, with Ethereum trading at $1,950. He suggested that Ethereum could briefly dip below the $1,900 level, prompting a surge in demand and driving its price back up. Additionally, he pointed out that Bitcoin has hit a resistance level and is likely headed lower in the near term.
However, despite his bearish short-term outlook, The Flow Horse remains optimistic about Bitcoin’s long-term prospects as long as the leading cryptocurrency stays above the $30,000 level. He emphasized that as long as Bitcoin maintains a level above $30,000, he does not anticipate turning bearish on the digital asset. At the time of writing, Bitcoin was trading at $36,444.
The strategist’s predictions and warnings have caught the attention of the crypto community, with many investors closely monitoring the market and considering their investment strategies in light of his insights.
It’s important to note that the cryptocurrency market is highly volatile, and any financial decisions should be made after conducting careful research and analysis. Predictions and opinions, even those of well-followed analysts, should not be considered as definite investment advice. The market’s movements can be unpredictable, and it’s crucial for investors to do their due diligence before making any investment decisions, especially in high-risk assets like cryptocurrencies.
The Daily Hodl does not offer investment advice, and it’s essential for investors to exercise caution and be aware of the potential risks associated with trading and investing in cryptocurrencies. Furthermore, it’s advisable to stay informed about the latest market developments and industry trends to make well-informed decisions.
In conclusion, the crypto market remains an area of keen interest and speculation, with various digital assets experiencing significant volatility. It would be prudent for investors to closely monitor the market and consider a diverse range of opinions and analyses before making any investment decisions.
