He noted that long-term holders “don’t have to bother too much”

Matrixport co-founder predicts a 15% correction of the crypto market by the end of April

28.02.2024 - 15:35

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3 min

The material is not an investment recommendation and is published for informational purposes only.

What’s new? Daniel Yan, co-founder of the Matrixport lending platform and hedge fund Kryptanium Capital, said “Euphoria: the sentiment of the market has come to a level where I think we should be cautious.” Thus, on February 28, the bitcoin rate on Binance momentarily rose to $60 800, which was the highest since the peak of the bull market in November 2021, when the asset set an all-time high at $69 000. Yan believes that in the short term, the market is in for a correction: he predicts a correction of around 15% by the end of April.

Source: Twitter.com

What else is known? In the last 24 hours alone, the bitcoin exchange rate rose by 6%, resulting in the liquidation of short positions on the asset worth $90,3 million, according to Coinglass.

The total crypto market capitalization (TOTAL) added 4,5% to reach $2,36 trillion, the highest since December 2021. The total amount of liquidations of short positions for the day amounted to $212,59 million.

Earlier, Santiment reported that the unrealized profits of large short-term bitcoin holders set a record of $7,3 billion, and traders began to redistribute profits from BTC into meme tokens, resulting in some of them taking the lead in terms of yield growth and popularity in the crypto space.

According to Yan, the correction will start in March, as this month is challenging from a macroeconomic point of view due to the planned meeting of the US Federal Reserve, where the rate and the emergency bank funding program (BTFP) will be discussed.

Also, difficulties this month could be due to the Dencun hard fork on the Ethereum network (scheduled for March 13) and the approaching halving of the bitcoin blockchain (expected on April 21), the businessman added.

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At the same time, Yan emphasized that he does not know whether bitcoin will reach a new all-time high before the correction occurs. He urged short-term traders to keep an eye on developments in March. “You don’t have to bother too much on this if you are a long-term holder,” the analyst concluded.

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