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A closely followed crypto trader is warning that Bitcoin (BTC) may be sending false bullish signals.
Pseudonymous trader The Flow Horse tells his 209,900 followers on the social media platform X that Bitcoin may be at risk of a sudden move to the downside.
“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 trader believes Bitcoin could start dipping as it heads into the April 19th halving event, when miners’ rewards are cut 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 trading for $68,750 at time of writing, down nearly 2% in the last 24 hours.
Next up, the trader says that Solana (SOL)-based memecoin dogwifhat (WIF) may be heading lower and bottoming sometime in the summer.
“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 trading for $3.09 at time of writing, down 13.5% in the last 24 hours.
The trader also believes memecoin Dogecoin (DOGE) could hit at least $0.50 this cycle, which could indicate a market top.
“Cycle isn’t done until DOGE hits at least half a buck.”
DOGE is trading for $0.19 at time of writing, up slightly in the last 24 hours.
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Read More: Top Trader Warns Bitcoin Price Action Could Be Setting Up a Fake Out, Updates Outlook on
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