A well-known cryptocurrency trader predicts that before Bitcoin rises again, the key support level of Bitcoin will be broken.
Pseudonym Pseudonym “Loma” shared on the social media platform Twitter that multiple Bitcoin indicators suggest that the $60,000 support level cannot hold before a trend reversal in the leading cryptocurrency.
“I am very confident that Bitcoin will break below $60,000 again. Even though we are still in the middle of the range, continued consolidation and weakening demand almost always lead to a price drop, followed by a vertical rise again.”
Previously, Loma mentioned that in his view, Bitcoin and Ethereum also create a “bear trap,” where an asset shows a sustained downward trend before a significant upward trend, misleading short sellers.
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However, despite analysts predicting a rebound for these major cryptocurrencies, he expects the rise of BTC and ETH to be temporary.
“This applies to Bitcoin and Ethereum. I think they might bounce back soon and then drop again.”
At the time of writing, the trading price of Bitcoin is $64,298, and the trading price of Ethereum is $3,496.
He also pointed out that his short-term bullish outlook for BTC and ETH extends to the broader altcoin market.
“It is worth mentioning that while it is reasonable to be bearish on altcoins in the medium to long term, as they peaked several months ago and collective sentiment is now catching up, they may be closer to a temporary bottom than anything else.”
