Bitcoin trader and analyst, the Flow Horse, is predicting that Bitcoin’s key support level at $60,000 will collapse before the cryptocurrency sees another move to the upside. The analyst, who has a large following on social media, believes that Bitcoin is showing multiple signals indicating that the support level will crumble, leading to a trend reversal.
The Flow Horse previously mentioned that both Bitcoin and Ethereum are “building a bear trap,” where an asset tricks short sellers by appearing to be on a sustained downtrend before triggering a significant move up. However, he predicts that any rally for Bitcoin and Ethereum will be short-lived, with the assets likely to bottom out in the near future before bouncing and eventually declining again.
As of the time of writing, Bitcoin is trading at $64,338, while Ethereum is worth $3,500. The analyst’s short-term bullish stance on Bitcoin and Ethereum also extends to the broader altcoin market. Despite being bearish on altcoins for the mid to longer timeframes, he believes that they may be closer to a temporary bottom and bounce in the near future as the collective sentiment catches up with the market movements.
The Flow Horse also emphasizes the importance of staying informed and suggests subscribing to email alerts for the latest updates. Additionally, followers can stay connected by following the analyst on various social media platforms such as X, Facebook, and Telegram to receive timely information and insights into the cryptocurrency market.
In conclusion, the Flow Horse’s analysis suggests that Bitcoin and Ethereum are likely to experience a downward trend before potentially bouncing back in the short term. While he remains cautious about the long-term outlook for altcoins, he believes that they may be approaching a temporary bottom soon. Followers of the analyst can stay updated on market trends and predictions by subscribing to email alerts and following him on social media platforms for the latest information and analysis.
