Top Trader Warns Bitcoin Price Action Could Be Setting Up a Fake Out, Updates Outlook on Two Memecoins
A intently adopted crypto dealer is warning that Bitcoin (BTC) could also be sending false bullish indicators.
Pseudonymous dealer The Circulate Horse tells his 209,900 followers on the social media platform X that Bitcoin could also be vulnerable to a sudden transfer to the draw back.
“This kind of Bitcoin structure that has everyone focused on breaking out is exactly the kind that sets up a fake out that barts down and just continues to range longer.”
The dealer believes Bitcoin might begin dipping because it heads into the April nineteenth halving occasion, when miners’ rewards are minimize in half.
“The closer we get to halving the more likely I am to reduce some risk for a short period of time. Almost everyone is staring at this structure waiting for the same move, which often sets up an ugly counter trend trap. Funding rates are having a hard time heating up again, which to me after the initial overheating is more of a sign that the market does not have enough capital at these levels to continuously bid.”
Bitcoin is buying and selling for $68,750 at time of writing, down practically 2% within the final 24 hours.
Subsequent up, the dealer says that Solana (SOL)-based memecoin dogwifhat (WIF) could also be heading decrease and bottoming someday in the summertime.
“I think the dog is going to take off the hat for a bit. Across every timeframe WIF looks like it needs to see a vet. It probably ranges for some time, enough to get people moving on and doubting its long term place in this market (it stands with DOGE now in my opinion). The next pump is stronger though. I want to rebuy the summer dip.”
WIF is buying and selling for $3.09 at time of writing, down 13.5% within the final 24 hours.
The dealer additionally believes memecoin Dogecoin (DOGE) might hit at the very least $0.50 this cycle, which might point out a market high.
“Cycle isn’t done until DOGE hits at least half a buck.”
DOGE is buying and selling for $0.19 at time of writing, up barely within the final 24 hours.
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