A closely followed crypto analyst and trader is warning that Bitcoin (BTC) could correct deeper in the near term.

Pseudonymous trader The Flow Horse tells his 220,900 followers on the social media platform X that he believes Bitcoin may decline to the lower $50,000 range.

“Unhedged some 20% of those $69,000 sells because although I think we go deeper, I know the only prices I can guarantee are the present.

If we have a strong reclaim above $60,000, I will long it all with extra exposure. If we continue down toward low $50,000s, I will tranche buys and evaluate on the fly.

My strongest belief is that the next bear market after-the-next takes place higher than where we are here.”

The analyst believes that Bitcoin’s recent collapse from out of the $60,000 range means more time is needed for the crypto king to turn bullish again.

“There are two camps of people. One knows this trend break changes things for a while and is making plans. The other is coping and relying on the temperature of 30 people in a group chat and if their bearishness is a sign that the above is wrong.

Big ships turn slowly.”

The analyst does not rule out an even steeper correction when asked by a social media user if Bitcoin could dip into the $40,000 range.

“I don’t know, one thing at a time, first low $50,000s again. All I know is never say never.”

Bitcoin is trading for $56,532 at time of writing, up more than 2% in the last 24 hours.

Generated Image: Midjourney