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- Katie Stockton expects a pullback in the Bitcoin price in the future.
- He explained his “neutral” views on CNBC’s “Squawk Box.”
- Bitcoin has been up about 40% since the start of 2023.
Bitcoin has now crossed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could easily reverse.
Stockton defended his stance on CNBC
So far this year, the first decentralized cryptocurrency has gained about 40% – a strength he says is an opportunity for investors to pull out.
Reiterating his “neutral” stance on Bitcoin, Stockton said this week on CNBC’s “Squawk Box”:
When you see a strong, steep rally, it is more characteristic of a countertrend move. At one point, we had 14 straight days this month for BTC. So, we are skeptical of its sustainability and see it as a countertrend.
The coming week is an important week for Bitcoin because of the Fed announcement. The CME FedWatch Tool is currently signaling a more than 98% probability of a 25 basis point increase this time around.
Bitcoin has broken above the 200 day MA
Also on Sunday, a top trader and analyst, Peter Brandt warned of a near-term pullback in BTC. Others, including Michael van de Poppe and Credible Crypto, share the same opinion.
Interestingly, Bitcoin is now trading significantly above the 200 day moving average. Still, Katie Stockton said:
This has happened before and has proven to be a false breakout. So, we’re not sure we have a breakthrough here. But that’s an added positive. We expect this to translate into our still much lower long term indicators.
He’s also not being very constructive on the benchmark S&P index which is up more than 6.0% for the year at the time of writing.
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