A well-known cryptocurrency trader predicts that the key support level of Bitcoin will be broken before it rises again.
The trader, known as “流馬” or “別名別名” on the social network X (Twitter), stated that multiple Bitcoin indicators suggest that the $60,000 support level cannot hold before a trend reversal occurs in the leading cryptocurrency.
“I am very confident that Bitcoin will once again fall below $60,000. Despite being in the middle of a range, continued consolidation and weakening demand almost always push prices down before they rise vertically again.”
Previously, the trader mentioned that in his opinion, the same applies to Bitcoin (BTC) and Ethereum (ETH), as they create a bear trap, a trend where an asset shows continuous downward movement before a significant upward trend, misleading short-sellers.
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When it comes to both Bitcoin and Ethereum, the trader predicts that their rises will be short-lived.
“This applies to Bitcoin and Ethereum as well. I believe they may soon hit bottom and rebound before falling again.”
At the time of writing this article, Bitcoin was trading at $64,298, and Ethereum was trading at $3,496.
The trader also noted that his short-term bullish outlook extends to the wider altcoin market.
“It is worth mentioning that while it is reasonable to be bearish on altcoins in the medium to long term as they peaked months ago and collective sentiment is catching up now, they may be closer to a temporary bottom than anything else.”
