Famous crypto currency analyst The Flow Horse has claimed that the leading artificial intelligence (AI) altcoin Fetch.ai (FET) is ready for a significant upward movement. The analyst also expects Bitcoin‘s (BTC) upcoming fourth block reward halving to bring a different rise than the previous halvings.
Artificial Intelligence Altcoin FET Could Be on the Verge of a Strong Rally
Anonymous crypto currency analyst The Flow Horse, from their personal Twitter account, stated that a rally is imminent for Fetch.ai’s FET based on increasing open interest (OI) and trading volume for the decentralized artificial intelligence platform for applications.
As is known, OI is an important metric that tracks the amount of leveraged long and short positions open in a cryptocurrency. According to the analyst, FET bulls are aggressively absorbing the supply entering the market by opening leveraged long positions, indicating that the altcoin is on the brink of a notable rise.
Looking at the price chart shared by The Flow Horse, it appears that FET is potentially on the verge of turning the $0.56 level into support. According to current data, FET has seen an increase of over 4% in the last 24 hours, trading above the level indicated by the analyst at $0.566 at the time of writing.
With Support from Asset Management Giant BlackRock, Bitcoin Could Make a Strong Move
On the other hand, The Flow Horse suggests that Bitcoin, the largest cryptocurrency, could experience a higher rate of increase with the fourth block reward halving expected to occur in April, compared to previous halvings. The basis of the analyst’s expectation is the involvement of asset management giant BlackRock, which currently has approximately $9 trillion in assets under management (AUM).
The Flow Horse emphasizes that BlackRock is likely to run a significant marketing campaign for the spot exchange-traded fund (ETF) it probably launched recently, using the block reward halving as a platform:
The block reward halving of Bitcoin is different from the others because for the first time, a trillion-dollar asset manager will market it.
BTC is trading just above the $43,000 level at $43,059, up 1.11% in the last 24 hours as of the time this article was prepared.