Los Angeles, CA – A prominent trader has raised concerns over the future of Bitcoin, predicting that a crucial support level may crumble, leading to a downward trend for the cryptocurrency.
The well-known analyst, known as the Flow Horse, shared with his extensive following on social media platform X that Bitcoin is displaying signals indicating the potential collapse of support at $60,000 before any reversal in its trend. The Flow Horse expressed confidence in his prediction that Bitcoin will drop below $60,000 once again, citing a prolonged period of consolidation and weakness without significant demand to support a sustained rally.
Furthermore, the Flow Horse previously mentioned that both Bitcoin and Ethereum are in a phase of “building a bear trap,” a term used to describe when an asset deceives short sellers by appearing to be on a continued downward trajectory before undergoing a substantial upward movement. While he sees a potential rally on the horizon for the two leading cryptocurrencies, the analyst also anticipates that any surge will be short-lived for both Bitcoin and Ethereum.
At present, Bitcoin is trading at $64,338, with Ethereum valued at $3,500. The Flow Horse also extends his short-term bullish outlook on Bitcoin and Ethereum to the wider altcoin market, suggesting that a temporary bottom and rebound may be imminent. Despite being bearish on altcoins for the mid to long-term, he notes that they likely reached their peak months ago, indicating a closer proximity to a temporary recovery.
In conclusion, investors and traders are advised to stay informed and exercise caution when making high-risk investments in Bitcoin, cryptocurrency, or digital assets. It is crucial to conduct thorough research before engaging in any financial decisions involving these volatile markets. Please be aware that all transfers and trades are undertaken at one’s own risk, with any resulting losses the sole responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice.