Cryptocurrency market is currently facing a significant downturn, with continuous outflow of ETF and a lack of long-term themes and external new funds, forming a strong contrast with the recurring highs in the traditional stock market. Bitcoin has dropped to 61K, while ETH remains at 3300. What do you think is the next step, to remain optimistic or to spiral down? Two KOLs on Twitter have expressed two different views, which may represent the calculations of both long and short positions.
Andrew Kang, who has been bearish recently, expressed that with news of Mt.Gox distributing Bitcoin, the German government selling coins, and ETF outflows, he does not believe that the support levels and ranges can hold up. In addition, Nvidia’s stock price appears to have reached a short-term high (note: possibly referring to the related correlation that technology stocks may bring).
The continuous outflow of billions of dollars in ETF
Currently, the only buyers left are leveraged and short-term traders, and such trading conditions usually lead to a pouring out of billions of dollars.
In his prediction a few days ago, Andrew Kang expected to see a new high for Bitcoin in 2025, but alternative coins (Alts) may not necessarily follow suit. He also does not rule out facing extreme price corrections in the next few months.
KOL Miles Deutscher believes that it is actually easy to create reasons to be bullish. There are many favorable and unfavorable reasons, such as the November U.S. presidential election, friendly regulatory positions towards cryptocurrency, upcoming ETH ETF launches, the rotation of profits from traditional stocks to cryptocurrency, and the oversold/bearish sentiment reaching its peak.
There are many reasons to prevent oneself from falling into bias.
ETH
Bitcoin