A closely followed crypto strategist says he’s gobbling up seven altcoins as he believes the markets are about to enter a bull market cycle similar to the parabolic rally witnessed in mid-2020.
Pseudonymous analyst The Flow Horse tells his 200,900 followers on the social media platform X that the crypto markets are about to head into a “craziness period.”
The analyst says the period will likely be similar to crypto’s extremely bullish price action in 2020 when Bitcoin rallied from around $10,000 to $64,000 in less than a year. During the same timeframe, the total market cap of altcoins (TOTAL3) skyrocketed nearly 1,000% from about $73 billion to $793 billion.
Says The Flow Horse,
“Yup, we are on the same path now. This is why I have stressed that the periods of euphoria that we have had so far recently and any pullbacks are to be understood as small scale within what is a much larger trend and a more unimaginable set of conditions.”
In anticipation of a huge market-wide rally, the analyst says he’s accumulating a handful of altcoins including the native assets of smart contract platforms Solana (SOL), Near (NEAR), Sui (SUI) and Avalanche (AVAX).
“Some position increases and some totally new as of today:
- MINA
- SUI
- AVAX
- SOL
- RNDR
- WIF
- NEAR.”
As for Bitcoin (BTC), the trader thinks that the current leg up will not stop at $50,000.
“Bitcoin looks like it is going to rip much higher.
Make sure you keep an eye out for those fastest horses, and don’t be that dummy trying to outsmart what the market is already showing you by looking for some third in the line laggard play.”
At time of writing, Bitcoin is worth $50,032.
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- Source: https://dailyhodl.com/2024/02/13/top-trader-abruptly-accumulates-seven-crypto-assets-says-craziness-period-similar-to-2020-bull-cycle-ahead/
