In one of the most volatile weeks for cryptocurrencies this year, following crackdowns on top crypto trading platforms like Binance and Coinbase Global Inc, renowned market analyst Sven Henrich has given many traders a glimmer of hope with his recent tweet. According to Henrich, the new bull market has just begun and while he provided no detailed fundamental basis to support this bold claim, he encouraged his over 452,000 followers on Twitter to “Please buy now.”
Henrich is the founder of NorthTrader, and his analytics are highly regarded in the digital currency ecosystem and broader financial markets. However, the claim that a new bull run is brewing is currently being contested by some of his followers who believe that the fundamentals and technical realities in either market do not support these claims.
Using Bitcoin (BTC) as a standard, the premier digital currency is currently trading at a price of $26,607, with a counter-balanced bear-bull action over the past 24 hours. The cryptocurrency fell as low as $25,700 following the indictment of key assets in the Binance and Coinbase charges.
While the coin has managed to maintain a 60% growth in the Year-to-Date (YTD) period, the regulatory headwinds make the prediction of a steady bull run quite unlikely at this time.
Despite the call for a bull run, investors in the crypto ecosystem are very wary of what the next couple of weeks and months hold in store. With the much-anticipated summary judgment that will put an end to the legal battle between Ripple Labs Inc and the US SEC yet to be passed, investors are at a crossroads as to whether or not to buy or sell XRP, the token involved in the suit.
With Binance and Coinbase set to go to court, more uncertainties are now being introduced that can significantly upset any potential growth in the near term. Exchanges like Robinhood are also beginning to advise their customers of the imminent delisting of Cardano (ADA), Polygon (MATIC), and Solana (SOL), three of the new assets the SEC has labeled a security.
These inconsistencies have caused a growing debate around the validity of Henrich’s proclamation of a new bull run. At this point, it is crucial for investors to carefully consider market conditions and conduct their research before making any investment decisions in the ever-changing world of cryptocurrencies. As always, the potential financial losses lie solely with the individual investors, and responsible decision-making is key.
Source: Coingape
