The founder of a popular market research firm thinks BTC is on a dead cat bounce.
Since the beginning of 2022, the crypto market and the stock market have experienced a lot of pain, with some cryptos losing as much as 90% of their previous value. However, things seem to have taken a turn for the better of late, and investors and analysts are taking note of it. Various analysts and market researchers have come out to offer their opinion on what they think the future could be like.
What Katie Stockton Says
One of the popular analysts talking about the current market rally is Katie Stockton. Katie is the founder the manager of Fairlead Strategies, a firm that focuses on independent market research, technical analysis, and portfolio management.
During a recent interview with CNBC’s Squawk Box, Katie appeared to opine that the current rally could be fake – and possibly a bear trap. Asked about what she thought of the market shifts of the last few days, she said,
“We have seen a lot of relief rallies in bear markets, and they’ve often lasted more than a few days. I think the assumption should be that this time is no different.”
She went on,
“We’re making the assumption that this rally will fail or fade not too far from the current level.”
Technician who first called $BTC $50,000 now sees this for the #cryptocurrency #bitcoin: @StocktonKatie pic.twitter.com/mVeaZU20rX
— Squawk Box (@SquawkCNBC) July 20, 2022
The BTC Market
A quick look at the current market standings reveals that Bitcoin and several other cryptos have experienced a price uptick. Just recently, Bitcoin was struggling to break the resistance level at around the $22.5k mark. Today, the coin is trading at around $23,760 (at press time).
It’s not clear whether this upward trend will continue or how far BTC will go, but one thing that is clear (at least according to experts like Katie Stockton) is that the rally may not last. As a matter of fact, some Bitcoin whales are already offloading their stash.
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Source: https://thecryptobasic.com/2022/07/20/crypto-researcher-who-first-called-bitcoin-50k-says-the-current-btc-rally-is-fake/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-researcher-who-first-called-bitcoin-50k-says-the-current-btc-rally-is-fake