In one of the most volatile weeks for cryptocurrencies thus far this year following the crackdown on top crypto trading platforms like Binance and Coinbase Global Inc, top 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 gave no detailed fundamental basis to back this very bold claim, he advised his more than 452,000 followers on Twitter to “Please buy now.”
The new bull market has just begun.
Please buy now. pic.twitter.com/yUXnYvWApM
— Sven Henrich (@NorthmanTrader) June 9, 2023
Henrich is the founder of NorthTrader and his analytics remain one of the most revered for both the digital currency ecosystem and the broader financial market. The claims that a new bull run is brewing is however, currently been keenly contested by some of his followers who believe the fundamentals and technical realities in either market does not support the 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 makes the prediction of a steady bull run a very far-fetched push at this time.
Bull Run and Unmatched Investor Fears
Despite the call for a bull run, investors in the crypto ecosystem are very weary of what the next couple of weeks and months holds 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 indicted in the suit.
With Binance and Coinbase set to go to court, more uncertainties are now being introduced that can largely 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. All these inconsistencies have caused a growing debate to validate the potentials of the declaration of a new bull run by Henrich.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
