A closely followed crypto trader says that Bitcoin (BTC) is likely to head higher due to a key development just months away.
Pseudonymous trader The Flow Horse tells his 199,500 followers on the social media platform X that the upcoming Bitcoin halving in April is likely going to send the crypto king’s value soaring as it has in the past.
Every four years Bitcoin has a halving event, when miners’ rewards are cut in half. Historically, the halvings have correlated with Bitcoin’s bull markets.
Says The Flow Horse,
“Just a little advice, as most people in this market are obsessed with intraday activity and try to emulate their favorite traders, riding every little move the market offers: we are on the cusp of the most reliable and popular narrative that this market has seen to this point. It’s a small sample size, but it’s all we have.
Whether you get in at $43,000 or $33,000, higher prices going into the halving and right after are more likely. This boat will lift all others.”
However, the trader also warns of short-term volatility as a huge supply of Bitcoin flows into top US crypto exchange Coinbase, creating a potential headwind for BTC’s price.
“There seems to be someone offering a decent amount of BTC again on Coinbase. The pattern to this point has been aggro sell, let price drift higher into sell walls, and repeat.”
Bitcoin is trading for $43,462 at time of writing, up slightly in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/VFX video/Panuwatccn
