March could be vulnerable, says Matrixport Co-founder amid BTC’s $60k rally - CryptoCrazeNews

March could be vulnerable, says Matrixport Co-founder amid BTC’s $60k rally

March could be vulnerable, says Matrixport Co-founder amid BTC’s $60k rally

March could be vulnerable, says Matrixport Co-founder amid BTC’s $60k rally

As Bitcoin’s (BTC) price breached $60,000 for the first time since November 2021, the crypto market sentiments tumbled between caution and celebration. However, some experts have offered insights into the potential trajectory of the crypto market and the risks ahead.

Matrixport founder expects a 15% correction

Daniel Yan, co-founder of Matrixport, in an X (formerly Twitter), showed caution regarding the market sentiment. He suggested a potential 15% correction by the end of April. He added that the macroeconomic factors in March can affect the bull run. This includes the Federal Reserve meeting and BTFP which makes March a tricky month. 

With Ethereum’s Dencun mainnet upgrade coming in and Bitcoin halving ahead, March is considered vulnerable.

Yan mentioned that there is uncertainty regarding the timing and levels of the correction. He poses questions about whether it will occur from current levels or higher, like for Bitcoin’s $60k or $65k level. However, Matrixport co founder advised long term holders not to be overly concerned by this, while short-term traders are cautioned to monitor the developments in March closely.

On the other hand, Veteran trader Peter Brandt congratulated those who are engaged in Bitcoin and other coins. He recognized the potential for cryptos to become a foundational layer in future monetary systems. Brandt joked about being from an older generation and addressed the revolutionary aspects of crypto. He hopes that it can bring positive change or generate significant wealth for younger investors.

BTC’s rally

Bitcoin continues its rally, surpassing $60,000 for the first time since November 2021. BTC is up more than 18% for the week. However, its price is up by 156% in the last year. Investors are optimistic about setting a new All time high (ATH) in 2024. This sentiment is driven by factors like the launch of ETFs making crypto more accessible to institutions.

The crypto market cap saw a surge of around 5% in the last 24 hours. The total market cap now stands at around $2.24 trillion. The 24 hour trading volume stands at around $116 billion.

Ethereum (ETH), the biggest altcoin, is also riding high in the shadow of BTC’s surge. ETH price is up by 16% in the last 7 days. It is trading at an average price of $3,326, at the press time. It’s 24 hour trading volume is down by 9% to stand at $21 billion. Ether is closing in to hit the $400 billion mark in market capitalisation.

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