Institutional Trader Who Correctly Predicted The Crypto Winter Makes Bold Call For A New “Bull Market”
After BTC plummeted below $50,000 in late December, the crypto-verse was awash with predictions that the market was about to enter a crypto winter. The market has been on a haemorrhage in the months since, culminating in last week's unprecedented sell-off, with the whole cryptocurrency market tumbling to ten-month lows.
However, pundits have speculated that the crypto winter may be over, citing significant liquidations, particularly after last week's dump, which was exacerbated by the stablecoin meltdown.
Yves Lamoureux, commonly known as the "Canadian Whale," has boldly advocated for a new "consequential bull market" in a recent post, according to Yahoo. If all goes well, the pundit, who also runs the Lamoureux & Co. macroeconomic research firm in the United States, believes the recent capitulation by Bitcoin and other cryptocurrencies would be enough to boost prices to all-time highs.
“I see extreme negative sentiment from crypto holders, just as we have seen at other bottoms,” Lamoureux wrote.
When Bitcoin reached nearly $70,000 seven months ago, the pundit projected that it would fall to the $20ks to make room for fresh liquidity. He did say, though, that given the rate at which the commodity was being accepted and its capped supply, Bitcoin's price will likely continue to rise after that.
After losing the $28,000 multi-year support, BTC's price came near to $25,000 last week. In addition, Lamoureux noted that he believes the implosion of the UST stablecoin and LUNA gave a fatal blow to Bitcoin, as it came after the cryptocurrency had already experienced a sell-off.
“Instead of one big swoon down, bitcoin broke that in two parts — creating less downside than a traditional drawdown. It looks complete in terms of a bear market,” he added.
Despite the fact that the recent market sell-off has been replicated on equities, with major indexes in lockstep with crypto, numerous voices in traditional markets see the market turning around as well. According to Michael Hartnett, Merrill Lynch's top global equity strategist, US equities may be set for a significant rebound.
Although the analyst did not predict a definite bottom, he noted in a report that the bank of America's own Bull&Bear indicator had slipped to a contrarian buy level, implying that prices might shortly rebound.
Technically, Bitcoin's position remains perilous, with the price dipping below $30,000 once more as a result of Fed-related aftershocks following Chair Jeremy Powell's press conference on Tuesday. On the downside, $28,000 remains a significant support level, but if Bitcoin falls below that level, it will be called a bear market.