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Top Trader Issues Bitcoin Warning, Predicts BTC Collapse Amid Extended Weakness and Consolidation

source-logo  dailyhodl.com 23 June 2024 09:44, UTC

A closely followed trader believes that a key support level for Bitcoin will collapse before BTC witnesses another move to the upside.

Pseudonymous analyst the Flow Horse tells his 219,400 followers on the social media platform X that Bitcoin is flashing multiple signals suggesting that support at $60,000 will crumble before the crypto king sees a trend reversal.

“My honest opinion to expand on my point earlier in the week about being close to a bottom probably in time (next couple of months) but not in price… I am fairly confident Bitcoin will trade below $60,000 again.

I know we are still mid-range, but consolidation and weakness this long, without a close tailwind and already dwindling demand, almost always resolve down before up again.”

The Flow Horse previously said that he thinks both Bitcoin and Ethereum (ETH) are “building a bear trap,” or when an asset tricks short sellers by appearing to be on a sustained downtrend before triggering a big move up.

But while the analyst thinks that a rally is in sight for two leading crypto assets, he predicts that the surge will be short-lived for BTC and ETH.

“This is with regard to Bitcoin and ETH. Think [they are] likely to bottom out in the near future before bouncing and dying again.”

At time of writing, Bitcoin is trading for $64,338 while Ethereum is worth $3,500.

He adds that his short-term bullish stance on BTC and ETH also applies to the broader altcoin market.

“It’s worth noting that while being bearish on alts for the mid-longer timeframes is reasonable, that they topped *months* ago and the collective sentiment is now catching up, meaning they are probably closer in time to a temporary bottom and bounce than anything else.”

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