Popular crypto trader and analyst Cantering Clark believes Bitcoin is due for an extended cooldown period before continuing its historic bull run.
After a powerful rally to a high of $64,804, Bitcoin took a sharp 50% correction in May following a wave of bad news, including fears of China crackdowns on miners and Tesla restricting BTC payments.
Cantering Clark shares his outlook on the market with his 59,100 followers, expecting a long road ahead before Bitcoin sees new all-time highs.
“Right now we are in a bear market. I think BTC sees new highs again. I am highlighting how absurd it is to expect them very soon. [The] only possibility is a major macro catalyst…
Bitcoin spent over a year trending with conviction off of the March 2020 lows.
It has been just a little over a month post breakdown.
Some of you think it just resumes from here. Nah, sit down. This is going to take a while.”
Despite the bearish market sentiment, Cantering Clark shares some insights as to why higher prices may be on the horizon.
“Just food for thought.
-Bitcoin is 55% off the highs
-Shorts are paying an exorbitant amount (annualized) to remain short
-The market seems homogeneously bearish
-There has been a ton of FUD (fear, uncertainty, doubt) recently, and we still find ourselves in the range.”
At the time of writing, Bitcoin is trading just over $34,652, according to CoinMarketCap.
Featured Image: Shutterstock/alphaspirit.it