Renowned cryptocurrency analyst The Flow Horse has indicated that Fetch.ai’s FET token, a major player in the artificial intelligence (AI) crypto sector, is gearing up for a substantial surge in price. This prediction comes as a result of observed increases in both open interest and trading volume on the decentralized AI platform. Additionally, the analyst foresees a unique and possibly more pronounced rally for Bitcoin (BTC) as it approaches its fourth block reward halving.
Optimism Grows for Fetch.ai’s Market Performance
The Flow Horse, sharing insights via Twitter, expressed confidence in an impending surge for FET, attributing the potential rise to a growing amount of leveraged positions in the market. The noticeable uptick in FET’s open interest is a clear signal of bullish sentiment, where investors are actively engaging in leveraged long positions. This dynamic suggests that the market is absorbing available supply in anticipation of a rally.
Recent price charts reinforce the analyst’s sentiment, with FET showing signs of establishing the $0.56 threshold as a support level. Current trading activity has seen FET escalating over 4% in a day, with its price at $0.566, which cements the analyst’s predictions.
Bitcoin’s Upcoming Halving Backed by BlackRock’s Influence
In a related projection, The Flow Horse highlights Bitcoin’s prospects, which could be bolstered by the upcoming halving and the strategic involvement of BlackRock, the asset management colossus with $9 trillion in AUM. BlackRock’s potential promotion of a recently launched spot ETF could serve as a catalyst for Bitcoin’s growth, leveraging the halving event as a promotional stage.
Echoing this sentiment, The Flow Horse foresees a significant marketing push from BlackRock that could enhance Bitcoin’s appeal during the halving period. Bitcoin is currently trading just over $43,000, marking a 1.11% increase over the past 24 hours, further affirming the analyst’s positive outlook for both FET and BTC.