Top Trader Forecasts ‘Slow Bleed’ for Bitcoin Unless Big Buyers Step In – Here’s His Outlook

dailyhodl.com 02 September 2024 14:37, UTC

Veteran trader The Flow Horse says a painful bleed down for Bitcoin (BTC) may be the most likely path in the near term due to a lack of large buyers.

The trader tells his 228,000 followers on the social media platform X that Bitcoin will likely follow the same pattern that Ethereum in its Bitcoin pair (ETH/BTC) has printed over the last several months: a steady grind downward.

According to the pseudonymous analyst, Bitcoin will likely continue trending down with periodic bounces unless deep-pocketed investors step in to boost the momentum of BTC.

“Bitcoin actually probably follows the same slowbleed.exe pattern ETH/BTC did. Ultimately big buyers need to step in and start lifting to send a signal to everyone else, otherwise this will be dominated by buyers and sellers with less than one week time horizons. It’s not as simple as ‘ETFs are buying’ because there isn’t a pool of passive buyers or any mandated buyers. If there was, we would see positive drift.”

For now, the analyst says Bitcoin is in a clear downtrend, making a series of lower highs and lower lows – not in a range as some believe.

“Bitcoin is in a range”

Source: The Flow Horse/X

With Bitcoin and crypto not flashing tremendous strength as of late, The Flow Horse shares a pie chart to show that most of his capital is in stablecoins.

“Until we see major changes.”