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Matrixport Co-Founder Predicts 15% Bitcoin Correction Amid Market Euphoria

Matrixport Co-Founder Predicts 15% Bitcoin Correction Amid Market Euphoria WikiBit 2024-02-29 09:45

Daniel Yan, co-founder of Singaporean cryptocurrency services firm Matrixport, has predicted a poten

Daniel Yan, co-founder of Singaporean cryptocurrency services firm Matrixport, has predicted a potential 15% market correction for Bitcoin ($BTC) by the end of April.

The prediction comes at a time in which the price of Bitcoin is moving closer to its all-time high near the $69,000 mark, after moving up more than 40% in a month to now trade close to $61,000 per coin.

Yan expressed caution against ‘euphoria’ in a post on the microblogging platform X (formerly known as Twitter), citing both overheated market sentiment and looming macroeconomic uncertainties as potential catalysts for volatility.

These uncertainties include an upcoming U.S. Federal Reserve meeting, Bitcoin‘s halving event – which will cut the ocinbase reward miners receive for finding new blocks in half – and Ethereum’s Dencun upgrade, which is expected to significantly improve the networks performance.

Bitcoin‘s recent price surge has been associated with investor enthusiasm following the U.S. Securities and Exchange Commission’s (SEC) approval of several spot Bitcoin exchange-traded funds (ETFs).

BlackRocks iShares Bitcoin Trust, one such ETF, now manages a staggering $7.5 billion in assets after seeing significant inflows, with net inflows for spot Bitcoin ETFs having already topped $6 billion.

Euphoria: the sentiment of the market has come to a level where I think we should be cautious – may be a good idea to revisit my pinned tweet on the size of potential corrections. I think we should see another healthy ~15% correction by end-April.

— Daniel Yan (@_D_Y_A_N) February 28, 2024

While Yan suggested long-term holders may not be significantly impacted by these short-term fluctuations, he advised traders active in the market to remain vigilant throughout March.

Notably, Matrixport predicted late last year that Bitcoin‘s bull market this year could see the cryptocurrency reach an impressive $125,000 by the end of the year. These projections are based on a comprehensive analysis of Bitcoin’s historical performance, current market trends, and broader macroeconomic factors.

As reported Peter Brandt, a highly experienced and respected figure in the world of trading and market analysis, has recently suggested that the price of the flagship cryptocurrency Bitcoin ($BTC) could explode upward to touch the $200,000 mark by August or September 2025.

Brandt is well-known in the cryptocurrency space for accurately calling bitcoin‘s 84% decline in 2018 to less than $4,000 per coin. CryptoCompare data shows the veteran technical trader was right, as in January of that year BTC’s price started dropping from its near $20,000 high, and in December it hit a $3,200 low before it started recovering.


The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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