A well-known crypto analyst, The Flow Horse, is predicting a continued downturn for altcoins. He believes the recent price bump is just a temporary relief rally.
Bearish Outlook for Crypto
The analyst, who boasts a large following on social media, maintains a bearish outlook on the crypto market. He doesn’t see any fundamental reasons for a sustained upswing in the near future. He bluntly stated, “Chart is still broken.” He expects the market to continue its downward trend for the next few months.
Bitcoin’s Crucial Role
The analyst’s bearish prediction hinges on Bitcoin’s price action. He believes the altcoin market’s performance is directly tied to Bitcoin’s. He’s watching closely to see if Bitcoin can establish support around the $90,000-$93,000 price range. Until that happens, he expects the downtrend to continue. He’s specifically monitoring several altcoins (FARTCOIN, HYPE, PEPE, ENA, and BERA) to gauge the market’s overall health.
Conclusion
In short, this analyst believes altcoins are in for a rough ride unless Bitcoin can successfully break a key resistance level and establish support. He anticipates a prolonged correction, measured more by time than by price drops. This is not investment advice; always do your own research before investing in cryptocurrencies.
