The cryptocurrency market has recently experienced a significant decline, with ETF outflows continuing and a lack of long-term themes and external new funds, contrasting sharply with the record highs repeatedly achieved by traditional stocks. Bitcoin has reached 61K, while ETH remains at 3300. The next step, do you think it will be optimistic or a spiral decline? Two KOLs on Twitter expressed two different views, which may represent the calculations of both long and short positions.
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Andrew Kang’s bearish view: I don’t believe the support can hold
There are also reasons to be bullish! Deutscher:
Andrew Kang, a KOL who has been strongly bearish recently, expressed disbelief in the support levels and ranges. This is due to news such as the distribution of Bitcoin by Mt.Gox, the German government’s coin sale, and ETF outflows. Additionally, Nvidia’s stock price seems to have reached a short-term peak (Note: this may refer to the correlation effect that technology stocks may bring).
Continuous billions of dollars in outflows from ETFs
Currently, the only buyers left are leveraged and short-term traders. Such trading conditions typically result in billions of dollars pouring out.
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A few days ago, Andrew Kang predicted that he expects to see a new high for Bitcoin in 2025, but he is not so certain about altcoins. He also does not rule out the possibility of extreme price corrections within a few months.
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Andrew Kang: Ethereum is not Nvidia, its fundamentals are not good and it is more like Intel
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Will the cooling down of meme coins impact Solana? Andrew Kang predicts SOL may fall to $80
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On the other hand, KOL Miles Deutscher believes that it is actually easy to create reasons to be bullish.
November US presidential election
Friendly regulatory stance towards cryptocurrency
Upcoming ETH ETF launch
Profits from traditional stocks will rotate into cryptocurrencies
Market oversold/bearish sentiment reaching its peak
There are many favorable or unfavorable reasons that can be listed to prevent oneself from falling into biases.
ETH
Bitcoin
Further reading
On-chain data: German government transferred 400 BTC to Coinbase and Kraken an hour ago
BTC falls below 60K! Is the head formation of Bitcoin complete? Should you escape or buy at the bottom?