Is the Internet evenly split on the bullish and bearish views of the market Whats your opinion
The cryptocurrency market has recently experienced a significant decline, with continuous net outflows from ETFs and a lack of long-term themes and external new funds, forming a strong contrast with the soaring traditional stock market. Bitcoin has reached 61K, while ETH remains at 3300. What do you think will happen next, optimistic holding or a spiral decline? Two KOLs on Twitter have expressed two different views, which may represent the calculations of both bulls and bears.
Andrew Kang, who has been bearish recently, stated that he does not believe the support level and range can hold up. He pointed out the news of the distribution of Bitcoin from Mt. Gox, the German government’s coin sale, and the net outflows from ETFs. In addition, the stock price of Nvidia seems to have reached a short-term high point (note: possibly referring to the correlation effect brought by technology stocks).
The continuous net outflows of ETFs in the billions of dollars have left only leveraged and short-term traders as the current buyers, a trading condition that usually leads to a dump of billions of dollars.
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In a prediction a few days ago, Andrew Kang expected to see a new high for Bitcoin in 2025, but he does not necessarily think the altcoins can achieve the same. He also does not rule out the possibility of extreme price corrections in the coming months.
KOL Miles Deutscher, on the other hand, believes that it is also easy to create reasons to be bullish. These reasons include the November US presidential election, favorable regulatory stance towards cryptocurrencies, the upcoming ETH ETF, the rotation of profits from traditional stocks to cryptocurrencies, and the market being oversold/peak bearish sentiment. There are many favorable or unfavorable reasons that can prevent oneself from falling into bias.
ETH
Bitcoin
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