Matrixport Co-Founder Anticipates 15% Crypto Market Correction by April 2024 Amid High Bitcoin Valuation
Summary:
Matrixport co-founder Daniel Yan predicts a 15% crypto market correction by end of April 2024, due to heightened market sentiments following Bitcoin hitting its highest level since last year. He cites macroeconomic events and advises short-term traders to be cautious. This prediction follows Bitcoin breaking the $60,000 record, marking a significant milestone. Despite the warning, Matrixport's previous market predictions have not always been accurate.
Matrixport co-founder Daniel Yan has issued a warning, indicating that a significant adjustment in the crypto market could be on the horizon following Bitcoin (BTC) reaching its highest value since last year. On February 28, Yan stated that market sentiment has become so bullish that caution is advised. He anticipates a robust approximate 15% decline by the close of April. Connecting his outlook to broader macroeconomic factors, Yan highlighted the potential volatility of March. He cited events like the Bitcoin halving, the meeting of the U.S. Federal Reserve, and the Ethereum Dencun upgrade as possible catalysts. He admits to uncertainty on whether the correction will occur from the current point, or after reaching another peak at around 65k or 60k. Yan advised long-term holders not to fret over these fluctuations and warned those looking at shorter-term transactions to be vigilant in March. Concurrently, Bitcoin shattered the $60,000 threshold, a feat not seen since the bull phase of 2020-2021. The Crypto Fear & Greed Index presently stands at 82 out of 100, suggesting rampant greed in the market. Investors' emotions have been escalating since the U.S. Securities and Exchange Commission (SEC) greenlighted several Bitcoin ETFs last month ago, leading to asset management giant BlackRock's iShares Bitcoin Trust to oversee investments worth $7.5 billion. Despite Yan's warnings, Matrixport's previous market forecasts have not always hit the mark. The firm had advised caution in January as Bitcoin was trading at $40,800, predicting that political hazards could deter the SEC from consenting to spot Bitcoin ETFs, an assumption proven incorrect with subsequent SEC approvals and a Bitcoin value surge of over 50% within a few weeks.
Related: For the first time in over two years, Bitcoin exceeds the $60,000 milestone.
Published At
2/28/2024 5:26:03 PM
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