A closely watched crypto analyst and trader believes altcoins are gearing up for a surge after a major correction.
Pseudonymous trader The Flow Horse tells According to his 200,300 followers on social media platform X, altcoins are likely to rise from their market bottom in a mean reversal soon.
“Besides Bitcoin, some of these alts will bounce so hard on the normal mean reversion. Maybe I should make a shopping list, but I’m still a little apathetic about trading until at least July.”
The analyst also chooses Pepe (PEPE) as the memecoin believes will outperform the others, including dogwifhat (WIF).
“Memecoins are not dead, but I don’t know if you want to mention WIF as the representative pair or horse you want to bet on. [WIF is] vs. Solana from the SOL all-time high (ATH), underperforming vs. BTC vs. BTC ATH, underperforming from the original April lows, underperforming from the latest highs.
The fittest horse is PEPE.”
PEPE is trading at $0.00001272 at the time of writing, up 20% in the last 24 hours.
However, the analyst say that WIF has likely bottomed out and is unlikely to drop to the $1 level.
“Apart from my feelings, I would still rather be a buyer than a seller here. It would be poetic to get $1 refills, but that’s probably not going to happen.
WIF is trading at $2 at the time of writing, up almost 19% in the last 24 hours.
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Generated image: Midjourney