Bitcoin Warning: Top Trader Predicts Collapse Amid Prolonged Weakness and Consolidation

A prominent trader in the cryptocurrency space is expressing concerns about Bitcoin’s current support level, suggesting that it may not hold up before the digital asset experiences another upward movement. The trader, known as the Flow Horse, shared insights with over 200,000 followers on the social media platform X, indicating that Bitcoin could dip below the $60,000 mark before any significant trend reversal occurs.

In a recent statement, the Flow Horse emphasized the possibility of Bitcoin trading below $60,000 again, despite the ongoing consolidation and apparent weakness in the market. The trader pointed out a lack of strong positive momentum and a decrease in demand, indicating a potential downward trend correction before a subsequent upward trajectory.

The Flow Horse previously mentioned his belief that both Bitcoin and Ethereum are in the process of setting up a “bear trap,” a situation where an asset misleads short sellers by creating the illusion of a sustained downward movement before initiating a notable upward surge. While anticipating a rally for these leading cryptocurrencies, the trader also forecasted that any surge would likely be short-lived for both Bitcoin and Ethereum.

As of the latest data, Bitcoin is currently valued at $64,338, with Ethereum priced at $3,500. The Flow Horse extended his positive outlook to the broader altcoin market, suggesting that while bearish sentiments may prevail in the medium to long term, altcoins might be approaching a temporary bottom and subsequent bounce in the near future.

The trader’s short-term optimism regarding Bitcoin, Ethereum, and other altcoins reflects a nuanced perspective on the current market dynamics. While acknowledging the potential for short-lived rallies, the Flow Horse remains cautious about the sustainability of any upward movements in the cryptocurrency space.

In conclusion, the cryptocurrency market continues to exhibit volatility and uncertainty, with traders closely monitoring key support levels and potential trend reversals. The insights provided by the Flow Horse offer valuable perspectives on the current state of Bitcoin, Ethereum, and the broader altcoin market, highlighting the complex dynamics at play in the evolving world of digital assets.