A closely followed analyst warns that the crypto market may be a few days from witnessing an extended corrective period.
Pseudonymous analyst The Flow Horse tells his 205,700 followers on the social media platform X that crypto traders appear to be exuberant following the marketwide rally over the last few weeks.
[adinserter block="1"]According to the crypto strategist, Bitcoin (BTC) will likely see one more move to the upside before printing a temporary top.
“I’m thinking we are pretty close to a decent length top. Months not years, obviously.
Thinking the halving +/- one month
Form a higher low and consolidate for a bit.
There is a lot of dispersion and plenty of signs are there. Also, it doesn’t help risk if NVDA (Nvidia) tops for a bit around the conference, which wouldn’t be surprising either.
One-to two-month consolidation after a push above $70,000 would be my guess.”
But before crypto sees a broader correction, The Flow Horse says an event could trigger rallies for one group of altcoins. According to the analyst, the artificial intelligence (AI) crypto sector may witness a big burst to the upside in anticipation of the Nvidia GTC, an AI-focused global conference slated for March 18th.
“We are just [eight] days away from the Nvidia conference. Memecoins are currently the hotter segment of the meme/AI barbell. However, this should shift, just in time for a pivot back into AI, as people crowd in at the last minute for what is probably another really easy event-driven trade.”
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