A popular trader closely monitoring Bitcoin predicts that a crucial support level will give way before the cryptocurrency experiences another upward move.

Known as the Flow Horse, this pseudonymous analyst shares with his 219,400 followers on the social media platform X that Bitcoin is showing signs that the $60,000 support will crumble before any trend reversal occurs.

In a recent update, the Flow Horse expresses his belief that Bitcoin will dip below $60,000 again, despite currently being in the middle of its trading range. He points to a prolonged period of consolidation and weakness, coupled with diminishing demand, as indicators that a downward move is likely before any significant upward movement.

Previously, the Flow Horse mentioned that both Bitcoin and Ethereum are setting up a “bear trap,” a situation where an asset deceives short sellers by appearing to be on a continuous downtrend before making a sudden upward surge.

While the analyst anticipates a rally for Bitcoin and Ethereum in the near future, he foresees that this surge will be short-lived for both cryptocurrencies, with a temporary bounce expected before another decline.

As of the latest data, Bitcoin is trading at $64,338 and Ethereum at $3,500. The Flow Horse also extends his short-term bullish outlook to the broader altcoin market, suggesting that a temporary bottom and bounce may be on the horizon for these alternative cryptocurrencies.

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