Bitcoin May Be Setting Up a Fake Out
A popular crypto trader is cautioning that Bitcoin could be giving false signals, potentially setting up for a reversal. Here are the key insights you need to know:
- The Flow Horse, a pseudonymous trader, believes that Bitcoin’s current structure might lead to a bearish move.
- With Bitcoin’s price around $68,750, down almost 2% in the last 24 hours, caution is advised.
- Approaching the April 19th halving event, the trader suggests lowering risks due to potential countertrend traps.
- Funding rates are showing a lack of capital support at current levels, indicating a possible downturn.
Solana Memecoin in Focus: Is a Bottom Near?
The trader also provides insights on the trajectory of Solana-based memecoin WIF, hinting at a possible trend reversal:
- WIF is currently trading at $3.09, down by 13.5% in the last 24 hours, potentially signaling a bottoming pattern.
- Anticipating a range-bound phase and doubt among investors, the trader eyes a stronger pump during the summer dip.
- Comparing WIF to DOGE, the trader sees a similar market position, indicating a potential for growth in the long term.
DOGE Price Prediction: Could $0.50 Be the Target?
Lastly, the trader shares an intriguing perspective on the future price of memecoin Dogecoin (DOGE):
- With DOGE trading at $0.19 at the time of writing, the trader suggests a potential rally to at least $0.50 in the current cycle.
- Reaching $0.50 could signify a market peak for DOGE, signaling a significant milestone for the coin’s performance.
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