A closely followed crypto strategist says that there is a possibility that digital assets may not witness another bull market.
Pseudonymous analyst The Flow Horse, also known as Cantering Clark, tells his 181,600 followers on the social media platform X that he is less confident in a crypto bullish reversal this time around.
“Last bear market people thought it was over. This time everyone just comfortably leans on the idea of [the] ‘next bull market.’
I was very confident last time, [but] less confident in the market now.
More confident in some kind of limited survivors integration with TradFi (traditional finance).”
According to the trader, the crypto space is failing to deliver on its promise to develop vital real-world use cases and that is hurting cryptos’ chances for greater adoption.
“Constant future promises, plenty of scams, and no real-world application beyond stables [stablecoins] and the Swiss-Bank’esq of BTC (Bitcoin).
Not to mention the things that actually are transformative for the global financial system don’t actually require tokens to come to fruition.”
While The Flow Horse is growing skeptical of an incoming bull market, investor Chris Burniske says he’s confident a crypto bull market is coming.
Burniske, a partner at venture capital firm Placeholder and the former head of crypto at ARK Invest, has predicted that crypto could witness another leg down before kicking off a new bull market.
Burniske previously said,
“[The] bears probably get one more shot at a 20-40% decline in quality crypto assets this year before the party starts for real next year into 2025. The question is from what prices will that decline begin…
Fed’s gonna push it til something breaks.”
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