One closely followed trader believes that Bitcoin’s key support level will break before Bitcoin sees another move to the upside.
The analyst goes by the alias The Flow Horse Tells His 219,400 followers on social media platform
“My honest opinion is to expand on my view earlier in the week of a near bottom likely in time (next couple of months) but not in price… I’m quite confident that Bitcoin is trading below USD.”60,000 once again.
“I know we are still in the medium term, but consolidation and weakness throughout this period, with no tailwinds nearby and demand already diminishing, always dips before it picks up again.”
The Flow Horse previously said that Believes Bitcoin and Ethereum (ETH) both build a bear trap, or when an asset fools short sellers by appearing to be in a sustained downtrend before triggering a significant move higher.
But while the analyst believes there is a rally on the horizon for two leading crypto assets,… pridect The rally will be short-lived for BTC and ETH.
“This is in relation to Bitcoin and ETH,” he thinks [they are] It will likely bottom in the near future before it rebounds and dies again.
At the time of writing, Bitcoin is trading at $64,338, while Ethereum is worth $3,500.
He adds that his short-term stance is bullish on BTC and ETH as well Applicable To the broader altcoin market.
“It is worth noting that although the downtrend on alternative contracts on medium and longer time frames is reasonable, they peaked *months* ago, and collective sentiment is now catching up, meaning they are probably closer in time to a bottom.” Temporary and bounce off everything else.”
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