Bitcoin’s key support level of $60,000 is predicted to collapse by a well-known trader, according to a recent social media post. The pseudonymous analyst, known as the Flow Horse, shared with his 219,400 followers that multiple signals are indicating a downward trend for Bitcoin before it can see any movement to the upside. The analyst believes that Bitcoin will trade below $60,000 again despite currently trading at $64,338. He states that although Bitcoin and Ethereum are showing signs of a potential bear trap, any rally will be short-lived for both assets.
In his analysis, the Flow Horse mentions that the current consolidation and weakness in Bitcoin, coupled with dwindling demand, typically result in a downward resolution before an upward movement. He predicts that Bitcoin and Ethereum are likely to bottom out in the near future before rebounding and falling again. The analyst also suggests that his short-term bullish stance on BTC and ETH may also apply to the broader altcoin market. While he remains bearish on altcoins for the mid to longer-term timeframes, he notes that they have likely already reached a temporary bottom and are due for a bounceback soon.
Despite the current mid-range status of Bitcoin, the Flow Horse believes that the support at $60,000 will not hold for long and that a move below this level is imminent. He emphasizes that the overall sentiment towards altcoins has shifted in recent months, indicating that they may be closer to a temporary bottom and potential bounceback. The Flow Horse’s analysis suggests that a trend reversal may be on the horizon for Bitcoin and Ethereum, leading to a short-lived rally before further declines in the market.
As Bitcoin and Ethereum continue to trade at $64,338 and $3,500 respectively, the Flow Horse’s prediction of a collapse in the key support level for Bitcoin at $60,000 underscores the potential for further downward movement in the market. Despite the current bearish sentiment towards altcoins in the mid to longer-term, the analyst believes that they may have already reached a temporary bottom and could see a short-term recovery in the near future. His insights reflect a cautious optimism towards Bitcoin and Ethereum, while acknowledging the potential for short-lived rallies before further downward trends in the crypto market.
Overall, the Flow Horse’s analysis on Bitcoin and Ethereum suggests that a downward trend is likely to continue in the short term, with a potential move below $60,000 for Bitcoin before any significant upward movement. While the analyst remains bearish on altcoins for the mid to longer-term, he believes that they may be approaching a temporary bottom and could see a bounceback in the near future. Investors and traders in the cryptocurrency market should take note of these insights and remain vigilant as the market continues to exhibit signs of volatility and uncertainty. Subscribe to get email alerts for the latest updates and follow on X, Facebook, and Telegram for more information.
