A closely watched analyst warns that it may be a few more days before the crypto market witnesses an extended correction period.
Pseudonymous analyst The Flow Horse tells his 205,700 followers on social media platform X that crypto traders appear to be exuberant after the market-wide rally in recent weeks.
According to the crypto strategist, Bitcoin (BTC) will probably do that to see one more step up before printing a temporary top.
“I think we’re pretty close to a peak of decent length. Months and not years, of course.
Consider the halving of +/- a month
Form a higher low and consolidate for a while.
There is a lot of spread and there are enough signs. It also doesn’t add to the risk if NVDA (Nvidia) tops the conference for a while, which wouldn’t be surprising either.
A consolidation of one to two months after a rise above $70,000 I would suspect.”
But before crypto undergoes a broader correction, The Flow Horse says an event could tractor rallies for one group of altcoins. According to the analyst, the artificial intelligence (AI) crypto sector could witness a major surge ahead of the Nvidia GTC, an AI-focused global conference scheduled for March 18.
“We are normal [eight] days away from the Nvidia conference. Memecoins are currently the hotter end of the meme/AI barbell. However, this should change just in time for a return to AI as people flock in at the last minute for what is likely to be another very easy event-driven transaction.”
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney