Has the BullishBearish Sentiment Exhausted The Dual Perspectives of Online Views What Do You Think
The cryptocurrency market has recently experienced a significant decline, with continuous outflows from ETFs and a lack of long-term themes and external new funds, forming a strong contrast to the soaring traditional stock market. Bitcoin has reached 61K, while ETH remains at 3300. What do you think will happen next? Will it be optimistic or a spiral decline? Two KOLs on Twitter expressed two different views, which may represent the calculations of both the bulls and bears.
Andrew Kang, who has been bearish recently, mentioned various factors, including the distribution of Bitcoin by Mt. Gox, the sale of coins by the German government, and the outflows from ETFs. He does not believe that the support level and range can hold. Additionally, Nvidia’s stock price seems to have reached a short-term high (possibly referring to the correlation with the technology sector).
There have been continuous billions of dollars in outflows from ETFs. Currently, the only buyers left are leverage and short-term traders. This trading condition typically leads to a dumping of billions of dollars.
Andrew Kang predicted a new high for Bitcoin in 2025, but he is uncertain about the altcoins. He also does not rule out facing extreme price corrections in the next few months.
On the other hand, KOL Miles Deutscher believes that it is also easy to create reasons for being bullish. These reasons include the November US presidential election, friendly regulatory stance towards cryptocurrencies, the upcoming ETH ETF, and the rotation of profits from traditional stocks to cryptocurrencies. There can be many favorable or unfavorable reasons listed to prevent oneself from falling into bias.
ETH
Bitcoin
Further reading:
On-chain data: The German government transferred 400 BTC to Coinbase and Kraken an hour ago
BTC falls below 60K! Is it time to escape or buy the dip with a complete head formation in Bitcoin?
