Closely watched traders believe that Bitcoin’s key support level will collapse before BTC witnesses another uptrend.
Flow Horse, a pseudonymous analyst, told his 219,400 followers on social media platform
“My honest opinion is that I will extend my assertion from earlier this week that perhaps over time (next months) we will be closer to the bottom, but the price will not… I am fairly confident that Bitcoin will trade below $.60,000 again.
I know we are still mid-level, but consolidation and weakness for this long without a close tailwind and already declining demand almost always resolves to the downside before rising again.”
Flow Horse has previously said that he believes both Bitcoin and Ethereum (ETH) are “setting bear traps,” or fooling short sellers by making it look like the assets are in a sustained downtrend before triggering a major uptrend.
However, while the analyst believes that an uptrend is expected for the two major cryptocurrency assets, he predicts that the uptrend for BTC and ETH will be short-lived.
“This is about Bitcoin and ETH. (Think of it as likely) that (they) will hit bottom in the near future before they bounce back and die.”
As of this writing, Bitcoin is trading at $64,338 and Ethereum is trading at $3,500.
He added that the short-term bullish stance on BTC and ETH also applies to the broader altcoin market.
“It makes sense to be bearish on alternatives over the medium to long term, but it’s worth noting that they peaked *months* ago and collective sentiment is now catching up. “That means we’re getting closer to a temporary bottom and more importantly, we’re going to see another bounce.”
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