‘Chart Is Still Broken’ – Crypto Analyst Predicts Sustained Downtrend for Altcoins Until This Takes Place
The current bounce in the altcoin market may not last long, according to a seasoned crypto trader. The Flow Horse, a pseudonymous analyst with a significant following on X, believes that the recent rally is just a temporary relief and that the overall bearish trend in the crypto market is likely to continue.
The analyst points out that the bearish market structure of crypto has not changed despite the recent bounce. He emphasizes that he sees no reason for the rally to be sustained and predicts that the markets will continue to decline in the coming months. The trader also mentions that Bitcoin needs to establish a key price level as support in order for the downtrend to reverse.
In a Telegram message, The Flow Horse explains that the correction in the market may be more prolonged in terms of time rather than price. He mentions specific altcoins like FARTCOIN, HYPE, PEPE, ENA, and BERA, stating that their performance will depend on whether Bitcoin can hold the $90,000-$93,000 range as support. As of now, Bitcoin is trading at $87,813.
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The article concludes with a note acknowledging the use of a generated image by MIdjourney. Overall, the content offers a comprehensive overview of the current state of the crypto market and the insights provided by The Flow Horse, catering to readers interested in cryptocurrency trading and investment.
