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 the social media platform
“Besides Bitcoin, some of these alts will bounce back so hard from 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