A widely known analyst has issued a warning about a crypto bear market, saying the window of opportunity to drive the market lower is closing in.
Flow Horse, an anonymous analyst, told his 220,100 followers on social media platform X that he is bullish on dogwifhat (WIF), a Solana (SOL)-based meme token.
According to analysts, WIF is one of the fastest horses in the Mimecoin sector and is expected to continue its relative strength until the bull market ends.
“WIF repurchase.
The most powerful meme that says that a market is no longer bullish means that the lineup of market participants has changed or that preferences have changed altogether.
It is very unlikely. (More likely) it is more likely that it will last until the end of the cycle.”
The cryptocurrency strategist said that while there have been a number of MME coins issued this year, traders will always keep an eye out for the ones that stand out.
“Unfortunately, there’s definitely a huge dilution because there’s absolutely no friction in creating memes. Capital still picks the ones it likes the most.”
At the time of writing, WIF is valued at $2.30, up more than 14% over the past day.
In terms of the broader digital asset markets, Flow Horse said that after altcoins surged last week while Bitcoin remained stuck at $60,000, the bearish cryptos are at risk of falling victim to a short squeeze.
A short squeeze occurs when a trader borrows an asset at a certain price and sells it at a lower price to make the difference, only to have to buy back the borrowed asset when momentum moves against him, triggering a further rally.
The analyst said:
“Altcoins did not overvalue Bitcoin in the last drop.
-Many people hold BTC/ALT long and short.
Time is running out before the bears are pressured again.”
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