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.
“I’m thinking we are pretty close to a decent length top. Months not years, obviously.
Thinking the halving +/- one month
Form a higher low and consolidate for a bit.
There is a lot of dispersion and plenty of signs are there. Also, it doesn’t help risk if NVDA (Nvidia) tops for a bit around the conference, which wouldn’t be surprising either.
One-to two-month consolidation after a push above $70,000 would be my guess.”
But before crypto sees a broader correction, The Flow Horse says an event could trigger rallies for one group of altcoins. According to the analyst, 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.
“We are just [eight] days away from the Nvidia conference. Memecoins are currently the hotter segment of the meme/AI barbell. However, this should shift, just in time for a pivot back into AI, as people crowd in at the last minute for what is probably another really easy event-driven trade.”
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- Source: https://dailyhodl.com/2024/03/10/top-trader-warns-crypto-close-to-printing-local-top-predicts-one-crypto-subsector-turning-hot-in-coming-days/
