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Top Trader Names Two Altcoin Plays for Current Crypto Market, Lays Out ETF Approval Scenario

source-logo  dailyhodl.com 29 November 2023 07:50, UTC

A widely followed crypto analyst is naming two altcoins he’s bullish on as Bitcoin (BTC) reclaims the $38,000 range.

Pseudonymous trader The Flow Horse tells his 188,00 followers on the social media platform X that he believes there is further upside potential for blockchain oracle provider Chainlink (LINK) and Ethereum (ETH) competitor Solana (SOL).

“Things I am bullish on.

Consistent leaders of this move – SOL and LINK are good examples.

Any project that can be tangibly associated with artificial intelligence.

New coins with low available floats. No psychologically burdensome bearish price history and bag holder overhang.”

Chainlink is trading for $14.58 at time of writing, up 2.2% in the last 24 hours. Meanwhile, Solana is trading for $57.92 at time of writing, up 5.6% in the last 24 hours.

The trader also predicts that the market will remain strong ahead of a possible decision from the U.S. Securities and Exchange Commission (SEC) to approve a spot BTC exchange-traded fund (ETF). He says if the ETF is approved, the market will likely run up before a sell-off.

“A lot of people are getting chopped up right now.

Here are my two cents: no one of significant size is selling before the ETF decision, what we are seeing is some minor leverage washouts and spot dumps that are immediately bought back up. If we have a flush before the decision, it would be the kind that would be worth being away from the desk for, because chances are if you are distracted you won’t sell the bottom of it, only to see it pop back up one trading session later.

CME (Chicago Mercantile Exchange) is long to the gills, although it is getting expensive to roll up the futures curve. (Selling low and buying higher over time) So, once the ETF news hits the tape expect the market to jump higher. This is when TradFi (traditional finance) will start taking profit into late retail momentum chasers. This is truly an easy spot trade. If you are going to short, keep it tactical.”

Source: The Flow Horse/X

Bitcoin is trading for $38,164 at time of writing, up 2.8% in the last 24 hours.

Generated Image: Midjourney