The cryptocurrency market has recently faced a significant decline, with ETFs experiencing continuous net outflows, a lack of long-term themes and external new funds, contrasting strongly with the traditional stock market repeatedly hitting new highs. Bitcoin has reached 61K, while ETH remains at 3300. Do you think the next step is to hold an optimistic view or to spiral down? Two Key Opinion Leaders (KOLs) on Twitter have expressed two different views, which may represent the calculations of both bulls and bears.
Andrew Kang, bearish: I don’t believe the support can hold
There are reasons to be bullish too! Deutscher:
KOL Andrew Kang, who has been strongly bearish recently, mentioned news of Mt. Gox distributing Bitcoin, the German government selling coins, and ETF net outflows. He doesn’t believe that the support levels and ranges can hold. Additionally, Nvidia’s stock price seems to have reached a short-term high (possibly indicating the related correlation that tech stocks might bring).
ETFs continue to see billion-dollar net outflows
Currently, the only buyers left are leveraged and short-term traders, a trading scenario that usually leads to billions of dollars of liquidation.
Andrew Kang’s recent prediction suggests expecting a new high for Bitcoin in 2025, but altcoins may not necessarily follow suit. He also doesn’t rule out facing extreme price corrections in the next few months.
KOL Miles Deutscher, on the other hand, believes that it’s actually quite easy to create reasons to be bullish.
November US presidential election
Crypto-friendly regulatory stance
ETH ETF set to launch
Profits from traditional stocks will rotate to cryptocurrencies
Market oversold / bearish sentiment reaching its peak
There can be many reasons, both favorable and unfavorable, to prevent oneself from falling into bias.