Renowned trader, the Flow Horse, has made a bold prediction about Bitcoin, stating that the key support level of $60,000 will crumble before the cryptocurrency experiences another upward trend. Speaking to his substantial following on the social media platform X, the pseudonymous analyst highlighted multiple signals indicating that Bitcoin is likely to trade below $60,000 again. Despite the current mid-range status, the analyst believes that the prolonged consolidation and weakening demand will ultimately lead to a downward resolution before an upward movement occurs.
The Flow Horse previously suggested that both Bitcoin and Ethereum were “building a bear trap,” a scenario in which an asset deceives short sellers by appearing to be in a continuous downtrend before triggering a significant upward movement. However, while he anticipates a rally for these leading cryptocurrencies, he predicts that the surge will be short-lived.
Currently, Bitcoin is trading at $64,338, while Ethereum has a value of $3,500. The analyst also asserts that his short-term bullish stance on Bitcoin and Ethereum extends to the wider altcoin market. He notes that while it is reasonable to be bearish on altcoins for the medium to longer term, they likely reached their peak several months ago, and the collective sentiment is now catching up. This suggests that they are closer to a temporary bottom and subsequent bounce than any other outcome.
In conclusion, the Flow Horse’s analysis provides valuable insights into the future movements of Bitcoin, Ethereum, and the altcoin market. However, it is essential for investors to conduct their own research and exercise caution when making high-risk investments in digital assets. The Daily Hodl reminds readers that any transfers or trades are undertaken at their own risk, and any resulting losses are their responsibility.
