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Cryptocurrency services firm Matrixport ‘s founding partner Daniel Yan, believes that a market correction is imminent after Bitcoin reached its highest price since 2021.
Yan stated on February 28: “The sentiment in the market has arrived at a level where we need to be cautious.”
“I believe we must experience a correction of 15% by the end of April.” When explaining his reasons, Yan cited March as being a “difficult month” from a macroeconomic perspective, referring to examples such as the upcoming meeting of the US Federal Reserve and the Bitcoin exchange.
On the subject of the Halving and Ethereum’s Dencun upgrade, the founding partner said:
“From where, 65k, 60k, or now? I really don’t know. I don’t even know which will come sooner; a new ATH in BTC, or a correction? Those who want to make short-term moves should watch March.”
Matrixport
Immediately following the broadcast, Matrixport, which stated in its X profile that Daniel Yan is a founding partner of the company, applied to the media to clarify that “he is currently running an independent fund and that these comments reflect his personal perspective and market views.”
On the same day, Bitcoin exceeded the reference point of 60,000 dollars which was previously witnessed in the 2020-2021 bull market. Data derived from the Crypto Fear and Greed Index currently shows a score of 82 out of 100, pointing to extreme greed. Investors have been going wild since the SEC approved several spot Bitcoin traded funds (ETF) last month; assets worth $7.5 billion are now managed by BlackRock’s iShares Bitcoin Trust, which is such an ETF.
Despite Yan’s bearish inclination, Matrixport was not always accurate in its market predictions.
In January, while Bitcoin was trading at 40,800 dollars, Matrixport warned investors that the SEC may not approve spot Bitcoin ETFs due to political risk factors. Since then, spot Bitcoin ETFs have been approved, and BTC experienced an increase of more than 50% within a few weeks.
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