The post Bitcoin to Dip Below $60,000 Before Next Rally, Says Analyst appeared on BitcoinEthereumNews.com.

The crypto market has been facing significant fluctuations, causing concern among traders and investors. Renowned analysts have been weighing in on Bitcoin’s recent price movements and future trends. A widely-followed trader has suggested that Bitcoin’s support level is likely to break before any upward movement. Expert analysts predict a potential dip in Bitcoin prices before a significant rebound – a crucial insight for investors. Bitcoin’s Current Support Level Under Scrutiny Bitcoin has recently been trading in a volatile range, capturing the attention of many financial experts. Renowned analyst, The Flow Horse, has voiced concern over the stability of Bitcoin’s $60,000 support level. Despite current mid-range trading, he predicts a downturn before any substantial upward trend. Bear Trap Formation: A Strategic Insight The Flow Horse elaborates on the possibility of a bear trap forming in the Bitcoin and Ethereum markets. He suggests that both cryptocurrencies might soon appear to be in a sustained downtrend, potentially misleading short-sellers. This formation could ultimately lead to a swift upward movement, catching many by surprise. However, he cautions that this rally might be short-lived, indicating a temporary surge followed by another decline. The Impact on Altcoins and Broader Market Sentiments Extending his analysis to the broader crypto market, The Flow Horse suggests that altcoins might also experience a temporary bottom soon. Although he maintains a bearish perspective on altcoins for the medium to long term, he contends that these assets are closer to a temporary bottom, potentially foreshadowing a brief rebound. This insight could be crucial for investors looking to capitalize on short-term opportunities. Consolidation Period and Market Dynamics According to The Flow Horse, Bitcoin’s lengthy consolidation period coupled with diminishing demand points towards a likely dip below the $60,000 mark. This dip could serve as a precursor to a more substantial market correction, eventually…

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Filed under: News - @ June 23, 2024 8:28 am