Warning on Short-Lived Altcoin Market Bounce

A seasoned crypto trader warns that the current bounce in the altcoin market may be short-lived.

Pseudonymous analyst The Flow Horse, who has 266,500 followers on social media platform X, believes the crypto market remains bearish and that the recent rally could lead to another decline.

> “Bearish still on the high time frame until proven otherwise.”
>
> “I can’t see any reason why this isn’t a relief rally and markets won’t continue to suck the next few months.”
>
> Chart is still broken.

In a message on Telegram, the trader further explains that the downtrend is likely to continue unless Bitcoin (BTC) manages to turn a key price area into support.

> “I think we are at the part where the correction can be, as I said the other day, one that is more through time than through price.”
>
> “I will be looking at how FARTCOIN, HYPE, PEPE, ENA and BERA continue to trade.”
>
> “Being that it is a Bitcoin dominance macro trend, there is no reason to assume that changes, and any success in alts is going to come down to if BTC can turn this $90,000-$93,000 level into support.”

At the time of writing, Bitcoin is trading at $87,813.

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