Top Trader Issues Warning to Bitcoin and Crypto Bulls – Here's His New Forecast

A crypto analyst known for accurately calling Bitcoin's bottom in 2018 is issuing an alert on BTC's short-term trajectory. The pseudonyous analyst Smart Contracter says BTC appears ready to retrace, and he's stepping out of the market.

Timeline of Bitcoin

Billionaire investor and venture capitalist Tim Draper has reportedly attempted to convince the Sri Lankan government to adopt bitcoin. However, the governor of the Central Bank of Sri Lanka rejected his recommendation, emphasizing: “Adoption of 100% bitcoin won't be a Sri Lanka reality ever.

A three-year low was reached in the market when FTX crashed, wiping away billions in client deposits. As a result of the FTX fiasco, Bitcoin fell to $15,500 and appeared to be headed considerably lower. Bitcoin has since recovered and posted considerable returns and is now hovering near the $23k mark.

The cryptocurrency market is experiencing an upturn in fortunes as Bitcoin continues to experience a positive increase overall. In 2022, Bitcoin saw an extended downward trend that led to a 60% reduction in its price, and the collapse of FTX in November significantly lowered market sentiments, and there were massive withdrawals.

As Bitcoin floats above $23,000, three huge Bitcoin and Ethereum whales are turning heads among crypto traders. In total, the whales moved a staggering $743 million in crypto in just three transactions. A Bitcoin whale made the first move on Friday, sending 13,369 BTC worth $311 million from one unknown wallet to another.

Billionaire Ray Dalio, the founder of the world's largest hedge fund, Bridgewater Associates, says it's “amazing” what bitcoin has accomplished but believes the cryptocurrency is not going to be an effective money, a store of value, or a medium of exchange.

According to CryptoQuant analyst Axel Adler Jr, due to the bullish nature of the general cryptocurrency market since the year began, the Realized Capitalization metric for many assets grew significantly in the past 20 days.

BTC/USD Slightly Rebounds:  Sally Ho's Technical Analysis – 5 February 2023 Bitcoin (BTC/USD) rebounded slightly early in the Asian session as the pair rallied back above the 24000 figure after bottoming out around the 23257.71 area, a move lower that represented another test of the 200-hour simple moving average.  The recent surge to the 24262.18 area occurred after Stops were elected above the 24224.60 level, an upside price objective related to buying pressure that emerged around the 15460 and 20370.01 areas.

The principles of Bitcoin (BTC) price correlation with crucial macro-economic indicators is still yet to be studied, but some obvious patterns have already formed. One of them has just flashed a super-rare bullish signal.

The chief investment officer (CIO) of Bitwise Investments, Matt Hougan, is naming his top three crypto assets. Hougan says in a new Stansberry Research interview that Bitcoin (BTC) and Ethereum (ETH) are the “two big horses” that investors should have in their crypto portfolio. “I'll talk about three that catch my eye right now.

On Thursday, the cryptocurrency market had a major upward surge, helping the weekend get off to a good start. A 100% increase in trade volume helped the global crypto market valuation rise by more than 3%.