Sven Henrich, a renowned market analyst, has declared that a new bull market has just begun and is urging investors to buy ‘now.’
With his recent tweet, top market analyst Sven Henrich has given many traders optimism during one of the most volatile weeks for cryptocurrencies this year.
According to Henrich, the new bull market has just begun. While he did not provide detailed fundamental evidence to support this incredibly audacious assertion, he advised his more than 452,000 Twitter followers, “Please buy now.”
The new bull market has just begun.
Please buy now. pic.twitter.com/yUXnYvWApM
— Sven Henrich (@NorthmanTrader) June 9, 2023Henrich founded NorthTrader, and his analytics continue to be among the most esteemed in the digital currency ecosystem and the broader financial market. The claims that a new bull run is on the horizon are, however, being vigorously contested by some of his adherents who believe that the fundamental and technical realities of either market do not support the claims.
Using Bitcoin (BTC) as a benchmark, the leading digital currency currently trades at $26,607, with bear-bull activity in the preceding 24 hours. Following the indictment of crucial assets in the Binance and Coinbase cases, the cryptocurrency dropped to a minimum of $25,700.
Although the coin has maintained a 60% year-to-date (YTD) growth rate, the regulatory headwinds make the prognosis of a sustained bull run at this time extremely unlikely.
Bull Market and Unparalleled Investor Anxiety
Despite the demand for a bull run, investors in the crypto ecosystem are wary of what the next few weeks and months will bring. With the much-anticipated summary judgment that will conclude the legal battle between Ripple Labs Inc and the US SEC still pending, investors are at a crossroads regarding whether or not to buy or sell XRP, the token accused in the lawsuit.
As a result of Binance and Coinbase’s upcoming court appearance, new uncertainties have been introduced that threaten to impede any near-term growth prospects significantly.
Exchanges such as Robinhood are also beginning to inform their consumers of the imminent delisting of Cardano (ADA), Polygon (MATIC), and Solana (SOL), three of the newly-designated securities by the SEC. Due to these inconsistencies, Henrich’s declaration of a new bull run has sparked a developing debate.