The cryptocurrency market continues to show signs of a strong bull run, with many experts cautioning against calling a top in the current market cycle. One veteran trader, known as The Flow Horse, believes that attempting to predict the end of the bull market could be a costly mistake.
In a recent post on his Telegram channel, The Flow Horse pointed to several key charts, including those of Bitcoin, Gold futures, and the Nasdaq, as evidence of the ongoing bull market. He advised followers to avoid trying to time the market and instead recommended buying and holding assets for the long term.
“I am not going to guess how long the party lasts but you are an idiot if you are calling tops right now,” The Flow Horse said. “Naturally, someone will and then be loud about it when it eventually works, but they are just part of what is expected in a large sample.”
The trader also highlighted the potential for Bitcoin to dominate the market and steal liquidity away from altcoins in the event of a rally. However, he noted that some altcoins, such as Ethena (ENA), could still see strong recoveries and present bullish entry opportunities.
In addition to ENA, The Flow Horse mentioned cat in a dogs world (MEW), a memecoin that has seen a 51% increase in value this month. He suggested keeping an eye on MEW as it retests prior all-time highs, noting that the consolidation pattern is similar to previous bullish movements.
Despite the positive outlook on altcoins, The Flow Horse emphasized his overweight position in Bitcoin compared to other assets. He highlighted the importance of monitoring price action and being prepared to adjust positions based on market conditions.
As of the time of writing, MEW is trading at $0.0086, down over 4% on the day. The cryptocurrency market remains volatile, and traders are advised to stay informed and exercise caution when making investment decisions.
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