Daniel Yan, the co-founder of Matrixport, a crypto services firm based in Singapore, predicts an upcoming market correction as Bitcoin reaches its highest price since 2021. In a statement on February 28, Yan expressed caution and anticipated a healthy correction of about 15% by the end of April. He attributed this prediction to the macroeconomic uncertainty in the month of March, citing events such as the United States Federal Reserve’s meeting, the Bitcoin halving, and Ethereum’s Dencun upgrade.
However, Matrixport clarified that Yan’s comments reflect his personal perspective and market views as he is currently running an independent fund, despite being listed as the firm’s co-founder on his X profile.
On the same day, Bitcoin surpassed the $60,000 milestone previously seen during the bull market of 2020 to 2021. The Crypto Fear & Greed Index currently indicates extreme greed with a score of 82/100. The approval of several spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission last month has fueled investor frenzy. One of these ETFs, BlackRock’s iShares Bitcoin Trust, now manages assets worth $7.5 billion.
Although Yan holds a bearish sentiment, Matrixport’s market predictions have not always been accurate. In January, when Bitcoin was trading at $40,800, the company warned investors about the potential non-approval of spot Bitcoin ETFs due to political risks. However, spot Bitcoin ETFs have indeed been approved, leading to over 50% returns on BTC within a few weeks.
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Bitcoin breaches $60K for the first time in over 2 years