A seasoned crypto trader is warning that the current bounce in the altcoin market will likely be short-lived.
Pseudonymous analyst The Flow Horse tells his 266,500 followers on the social media platform X that he thinks crypto is still bearish and the latest rally will probably lead to another leg down.
According to the analyst, the current bounce has not changed the bearish market structure of crypto.
“Bearish still on the high time frame until proven otherwise.
I can’t see any reason why this isn’t a relief rally and markets won’t continue to suck the next few months.
Chart is still broken.”
Elaborating on his bearish stance on crypto, the trader says on the instant messaging platform Telegram that the downtrend will likely persist unless Bitcoin (BTC) flips a key price area into support.
“I think we are at the part where the correction can be, as I said the other day, one that is more through time than through price.
I will be looking at how FARTCOIN, HYPE, PEPE, ENA and BERA continue to trade.
Being that it is a Bitcoin dominance macro trend, there is no reason to assume that changes, and any success in alts is going to come down to if BTC can turn this $90,000-$93,000 level into support.”
At time of writing, Bitcoin is trading for $87,813.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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