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Home»ALTCOIN NEWS»Top Trader Issues Bitcoin Warning, Predicts BTC Collapse Due to Weakness and Widening Consolidation
ALTCOIN NEWS

Top Trader Issues Bitcoin Warning, Predicts BTC Collapse Due to Weakness and Widening Consolidation

By Crypto FlexsJune 24, 20242 Mins Read
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Top Trader Issues Bitcoin Warning, Predicts BTC Collapse Due to Weakness and Widening Consolidation
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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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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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