A well-known analyst is cautioning those in the crypto bear camp that their opportunity to drive the market down to lower levels is dwindling.
Operating under the pseudonym “Flow Horse,” the analyst communicates to his 220,100 followers on the social media platform X his positive outlook on dogwifhat (WIF), a meme token built on Solana (SOL). Flow Horse affirms that WIF stands out as one of the swiftest contenders in the memecoin domain, foreseeing its sustained robust performance until the conclusion of the bullish market phase.
In his analysis, Flow Horse advocates for reinvesting in WIF, emphasizing that forsaking support for the most resilient memes implies a belief that either market participants have transitioned out or their preferences have radically changed. Flow Horse dismisses this notion, asserting that the prevailing trend is likely to persist until the market cycle nears its end.
Additionally, the crypto strategist observes the proliferation of memecoins this year, but he maintains that traders consistently gravitate towards exceptional offerings. He acknowledges the issue of dilution owing to the ease with which memes can be generated nowadays, yet asserts that capital invariably favors select contenders.
At the time of reporting, WIF is valued at $2.30, marking a growth of over 14% within the last 24 hours. Regarding the broader digital asset landscape, Flow Horse alerts that crypto bears face the risk of being caught in a short squeeze following the recent surge in altcoins, while Bitcoin stayed stable at $60,000.
A short squeeze scenario unfolds when traders who borrow assets with anticipation of selling at lower prices find themselves compelled to repurchase these borrowed assets as market momentum works against them, ultimately fueling further upswings. Flow Horse highlights that during the previous downturn, altcoins did not surpass Bitcoin significantly. He mentions the prevalent practice of initiating long short positions on BTC/ALTs and hints at a looming time constraint for bears before another squeeze transpires.
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