A lack of big buyers could lead to a painful bleed-down for Bitcoin (BTC).
A trader told his 228,000 social media followers that Bitcoin would likely follow the pattern Ethereum’s Bitcoin pair (ETH/BTC), has shown over the past several months. It is a gradual decline.
The pseudonymous expert believes that Bitcoin’s trend will continue to be downward with occasional bounces, unless investors who have deep pockets step up to help boost BTC.
Bitcoin is likely to follow the slowbleed.exe model that ETH/BTC followed. The big players need to start buying to signal the rest of us. Otherwise, this market will be dominated with buyers and sellers who have a time frame less than a week. There is no pool of passive or mandated buyers, so it’s impossible to say ‘ETFs buy’. We would have seen a positive trend .”
Analysts say that Bitcoin, for now, is clearly in a downtrend. It has been making lower highs, and lower lows, not in an upward range, as many people believe.
Bitcoin is within a certain range
As Bitcoin and cryptocurrency have not been showing great strength in recent months, The Flow Horse has shared a pie graph to demonstrate that the majority of his capital is held by stablecoins.
Bitcoin was trading at $57,518 as of the time this article went to press, down over 2% for the day.
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Sources of Images: Pixabay Creative Commons DALLE3
This article Top Trader Predicts Slow Bleed for Bitcoin If Big Buyers Do Not Step in – His Outlook first appeared on The ICD.
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