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

Known as the Flow Horse, an analyst with a large following on the social media platform X suggests that Bitcoin is displaying signs that the $60,000 support level will break down before a trend reversal occurs.

In a recent post, the Flow Horse shared his perspective on the market, stating, “I believe Bitcoin will dip below $60,000 again. Despite being in the middle of the range, the prolonged consolidation and weakness, coupled with declining demand, typically lead to a downward movement before an upward trend resumes.”

The analyst previously mentioned that both Bitcoin and Ethereum are setting up a “bear trap,” a situation where an asset deceives short sellers by appearing to be in a sustained downtrend before making a sudden upward move.

However, while the Flow Horse anticipates a rally for Bitcoin and Ethereum, he foresees that the surge will be short-lived for both cryptocurrencies. He explains, “I expect Bitcoin and ETH to hit a bottom soon, bounce back briefly, and then decline again.”

As of the current time, Bitcoin is trading at $64,338, and Ethereum is valued at $3,500.

The Flow Horse also extends his short-term bullish outlook to the wider altcoin market, noting, “Although a bearish sentiment may prevail for altcoins in the medium to long term, it is likely that they have reached a temporary bottom and will experience a bounce soon.”

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