The Flow Horse: Bitcoin is an Easy Long-Term Trade
Crypto strategist The Flow Horse, also known as Cantering Clark, believes that Bitcoin is an easy long-term trade due to the potential approval of Bitcoin spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). He notes that the marketing of these instruments will drive significant investment into Bitcoin.
Key Points:
- The approval of Bitcoin spot ETFs by the SEC is expected.
- Marketing efforts for ETFs will attract more investment into Bitcoin.
- Bullish outlook on Bitcoin does not guarantee a straight upwards trajectory.
- The trader highlights the misinterpretation of timeline in his post.
- The trader updates his outlook on memecoin Shiba Inu, indicating a potential upside move.
Bitcoin is currently trading at $29,369, experiencing minor volatility. The trader also observes selling pressure on Bitcoin, as indicated by its at-the-money implied volatility. The lack of real expectations in the near future contributes to this selling pressure.
Hot Take:
The approval of Bitcoin spot ETFs by the SEC is likely to have a positive impact on Bitcoin’s long-term performance. However, investors should be prepared for periods of volatility. The trader’s observation of increased interest and funding in Shiba Inu suggests a potential upward movement for the memecoin. Overall, the crypto market continues to exhibit dynamic trends that require careful monitoring and analysis.
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