A widely followed analyst is warning crypto bears, saying their window is closing to push the market lower.
Pseudonymous analyst The Flow Horse tells his 220,100 followers on social media platform X that he is bullish on the Solana (SOL)-based meme token dogwifhat (WIF).
According to the analyst, WIF is one of the fastest horses in the memecoin sector and he believes it will remain so Get on to show relative strength until the end of the bull market.
“Buy WIF again.
Saying that you are no longer optimistic, the strongest memes, says that you think the lineup of market participants has changed and/or that their preferences have all changed.
Very unlikely, [what’s] more likely it will persist until the end of the cycle.”
The crypto strategist also notes that numerous memecoins have been issued this year, but he thinks that traders will always look for those who stand out.
“Unfortunately, there is definitely a lot of dilution as there is now no friction in creating a meme. Capital is still picking a favorite.”
At the time of writing, WIF is worth $2.30, up over 14% in the past day.
Turning to the broader digital asset market, the Flow Horse says crypto bears are at risk of falling victim to a short squeeze after altcoins rallied last week while Bitcoin consolidated at $60,000.
A short squeeze occurs when traders who borrow assets at a certain price in the hope of selling them at a lower price to pocket the difference are forced to buy back the borrowed assets when momentum turns against them. triggering further rallies.
Says the analyst,
“Alts did not overtake Bitcoin on the last draw.
-Many people use long-short BTC/ALTs.
The clock is ticking for bears before another squeeze happens.”
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Generated image: Midjourney