The trader, known as the Flow Horse, anticipates that Bitcoin’s crucial support level of $60,000 will crumble prior to a reversal in the prevailing trend.

The analyst argues that Bitcoin is displaying several indications indicating that the support level at $60,000 will weaken before the dominant crypto experiences a change in direction.

He is rather certain that Bitcoin will once again be traded below $60,000, since extended periods of consolidation and weakness, without any external support and with declining demand, typically result in downward movement before any upward recovery.

The Flow Horse holds the belief that Bitcoin and Ethereum are strategically creating a bear trap, deceiving those who sell short by initially showing a continuous decline before initiating a significant upward movement.

Nevertheless, the rapid increase in value for Bitcoin and Ethereum is anticipated to be temporary, since Bitcoin is currently being traded at $64,338 and Ethereum is valued at $3,500.

The analyst’s current positive outlook on Bitcoin and ETH also extends to the wider altcoin market, as the overall attitude is now aligning, indicating that they are nearing a transitory low point and subsequent rebound.

Yesterday, another crypto analyst knows as Justin Bennett cautioned that Bitcoin (BTC) may experience a decline to lower price levels as it reaches the range of $63,000.