Cryptocurrency markets closely follow an analyst who shared an ambitious prediction for the next phase. Analysts’ predictions do not forecast the future, and investors must be aware of this. However, understanding the insistence of an expert making such bold predictions can be useful by looking at the markets from their perspective.
Will Cryptocurrencies Rise?
Bitcoin is currently hovering around $64,400 as this article is being prepared. Cryptocurrency analyst The Flow Horse made alarming comments about the $60,000 support in his latest market assessment. Of course, he is not saying this because it comes from the future, and we are not talking about anything beyond predictions. According to him, indicators suggest this will happen.
“I must remind you of the fact that I mentioned earlier this week, that we are likely near a bottom over the next few months. I am quite sure that Bitcoin will trade below $60,000 again.
I know we are still in the mid-levels, but without a near-term tailwind and already declining demand, such prolonged consolidation and weakness almost always resolve downward before rising again.”
So, according to the analyst, we must see Bitcoin price significantly lose value again before a real rise.
Altcoins and BTC Prediction
Flow Horse previously mentioned that both Bitcoin and Ethereum were constantly giving bearish signals to trap short sellers. In his latest assessment, he expects a short-lived fluctuation for the two major cryptocurrencies.
“This is about Bitcoin and ETH. I think they will hit bottom in the near future before bouncing and dying again. While a bearish trend in altcoins for the mid-to-long term is reasonable, it should be noted that they peaked months ago, and collective sentiment is now catching up, meaning they are likely closer to a temporary bottom and bounce than anything else.”
Most altcoins are at levels seen when BTC was hovering around $40,000. Moreover, the recovery has not yet started. This situation forced investors who bought at higher levels with the expectation of a rise to face losses of up to 50%. If the local bottom mentioned is not seen, rapid sales triggered by FUD from losing investors may continue.
