Leading crypto Bitcoin surpassed $60,000 and continues on its way. After this, Daniel Yan, co-founder of Matrixport, talks about a potential market correction. In this context, Yan warns investors. Crypto Fear & Greed Index points to extreme greed in the market with a score of 82. Yan refers to macroeconomic uncertainties in March. Therefore, he suggests that a 15 percent market correction could occur by the end of April.
The leading cryptocurrency is advancing by breaking resistances one by one!
Daniel Yan, co-founder of Singapore-based cryptocurrency services firm Matrixport, shared his latest predictions. In this regard, Yan issued a warning note to investors after the Bitcoin increase. cryptokoin.comAs you follow from, BTC exceeded the $ 60,000 mark for the first time since 2021. Moreover, it continues its way towards $62 thousand. This signaled a potential market euphoria.
Yan’s comments come amid rising investor interest and a sense of extreme greed in the market, as evidenced by the Crypto Fear & Greed Index’s 82 points. This enthusiasm comes as the U.S. Securities and Exchange Commission (SEC) has approved several spot Bitcoin exchange-traded funds (ETFs), including a major fund managed by BlackRock’s iShares Bitcoin Trust, which now oversees $7.5 billion in assets. increased even more.
Bitcoin correction warning came from the co-founder of Matrixport!
Daniel Yan highlights the unpredictable nature of the market. It suggests a correction of around 15% is on the horizon by the end of April. Yan points out that March is a critical month full of macroeconomic uncertainties such as the US Federal Reserve’s meeting, Bitcoin’s halving expectation and Ethereum Dencun upgrade. Despite the current highs, Yan’s statement underscores the inherent volatility and unpredictability of cryptocurrency markets. He also advises investors to be careful, especially those looking to make short-term gains. In this context, Yan said in his statement:
Market sentiment has reached a level where I think we need to be cautious. It might be a good idea to revisit my pinned tweet about the extent of potential fixes. I think we should see another healthy correction of around 15% by the end of April.
Matrixport cautious despite recent Bitcoin ETF gains
Yan’s cautious stance is based on macroeconomic factors that influence market sentiment and investor behavior. Major crypto events such as the Fed’s upcoming meeting and Bitcoin’s halving and Ethereum’s upgrade are attracting attention as potential market volatility catalysts. Despite the positive momentum generated by the SEC’s approval of spot Bitcoin ETFs, Yan’s perspective reflects broader caution in the face of rapid gains and increased market activity.
The historical context of Matrixport’s market forecasts provides additional insight. In January, when Bitcoin was trading at $40,800, the firm expressed doubts about approving spot Bitcoin ETFs due to political risks. However, the subsequent approval of these ETFs contradicted the firm’s expectations. It also led to a significant increase in the value of Bitcoin. This juxtaposition of predictions and results demonstrates the complexity of digital asset investments.
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