Bitcoin has gained a lot of attention over the past few years and is therefore closely followed by investors. In November 2022, the leading cryptocurrency was trading at fairly low levels, but then gained 100%. On the other hand, a popular trader recently warned of a sharp sell-off for Bitcoin.
The analyst, known to the crypto market by the pseudonym Cantering Clark, warned his 173,200 Twitter followers of a possible Bitcoin drop. According to the analyst, Bitcoin’s recent surge above $30,000 is a correction that tends to occur after a bull trap or an extreme upward move.
“I think we are just trapping long positions here and we will see a return to a deeper average price after this monthly close. I think people are starting to think that spot buying just means up. I didn’t realize spot buyers don’t have a sell button?”
Cantering Clark also spoke of the Federal Open Market Committee (FOMC) meeting scheduled for this week. mentioned. As is known, investors are eagerly awaiting the results of the Fed’s FOMC meeting on interest rates.
“-Bitcoin is massive with 100% rise from bottoms
Less positive impact than stocks recently
-end of april
-FOMC week
-Rise at the extreme point of the risk curve
What do you think is next?”
Koinfinans.com As we reported, Cantering Clark also points out that while Bitcoin’s short-term price action is bearish, BTC remains the best-performing asset so far this year.
“I speak regionally before someone intervenes. I’m not saying that Bitcoin hasn’t been bullish so far this year. It rose more than anything else in the same profile, even if it differs in asset size and liquidity.”
At press time, Bitcoin (BTC) is trading at $28,738, up 3% from the previous day.
You can follow the current price action here.