No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Bitcoin is now above the key $23,000 level, but Katie Stockton of Fairlead Strategies continues to urge caution as the recent rally could just as easily reverse.
Decentralized cryptocurrencies are up around 40% this year. This is an opportunity for investors to pull back, she says.
Stockton reiterated his neutral stance on Bitcoin this week, speaking on CNBC. “Squawk Box”:
When you see strong and steep rises like this, they are characteristic of countertrend movements. At one point, this month he had BTC rise for his 14th straight day. As such, we are skeptical of its sustainability and view it as a countertrend.
Next week will be a big week for Bitcoin due to the announcement of the Federal Reserve Board.of CME FedWatch Tool currently shows a 98%+ probability of a 25 basis point rate hike this time around.
Also on Sundays, top traders and analysts, Peter Brandt He warned of a short-term drop in BTC. Others, including Michael van de Poppe and Credible Crypto, hold similar views.
Interestingly, Bitcoin is currently trading well above its 200-day moving average. Still, Katie Stockton said:
This has happened before and turned out to be a false breakout. So I am not convinced there is a breakout here. But that’s a gradual plus. Hopefully this will be reflected in the long-term metrics.
She’s also not particularly constructive about the benchmark S&P index, which is up more than 6.0% over the year at the time of writing.
