A Crypto Analyst Predicts Potential Correction and Hot Altcoin Sector
A closely followed analyst warns that the crypto market may be a few days from witnessing an extended corrective period. Pseudonymous analyst The Flow Horse tells his 205,700 followers on the social media platform X that crypto traders appear to be exuberant following the marketwide rally over the last few weeks. According to the crypto strategist, Bitcoin (BTC) will likely see one more move to the upside before printing a temporary top.
The analyst predicts that the crypto market may experience an extended corrective period in the coming days. However, before that happens, he believes that an event could trigger rallies for one group of altcoins. The artificial intelligence (AI) crypto sector may witness a big burst to the upside in anticipation of the Nvidia GTC, an AI-focused global conference slated for March 18th.
Predicting a Temporary Top for Bitcoin
The Flow Horse suggests that Bitcoin is nearing a decent length top after its recent rally. He expects this top to last for months rather than years. The analyst predicts that Bitcoin will form a higher low and consolidate for a bit before entering a consolidation phase of one to two months after surpassing $70,000.
Key points:
- The Flow Horse warns of a potential extended corrective period in the crypto market.
- Bitcoin is expected to reach a temporary top before undergoing consolidation.
- An event like the Nvidia GTC may trigger rallies in the AI crypto sector.
Altcoin Sector Expected to Heat Up
The Flow Horse suggests that investors should pay attention to the AI crypto sector in the coming days. He believes that as the Nvidia GTC approaches, there may be a shift in focus from meme coins to AI-related cryptocurrencies. The analyst expects a surge in interest and trading activity as investors look for easy event-driven trades.
Key points:
- The AI crypto sector may experience significant growth in anticipation of the Nvidia GTC conference.
- Meme coins are currently popular, but the analyst predicts a shift back to AI-related cryptocurrencies.
- The Nvidia GTC conference presents an opportunity for event-driven trades.
Disclaimer: This article is not intended to provide financial advice. The information presented here is for informational purposes only. Cryptocurrency investments are subject to market risks, and readers should do their own research before making any investment decisions.
Hot Take: Potential Correction and AI Crypto Sector Surge
A crypto analyst warns that the market may be on the verge of a corrective period, with Bitcoin expected to reach a temporary top. However, before this correction, there may be a surge in the AI crypto sector due to the upcoming Nvidia GTC conference. Investors should keep an eye on this sector for potential trading opportunities.
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