Bitcoin Price Hits $63K; Matrixport Co-founder Warns Of Impending Crypto Market Correction

In a recent tweet, Daniel Yan, co-founder of Matrixport, has raised the alarm for crypto enthusiasts, signaling a potential market correction. With March showing possibilities of macroeconomic uncertainties, Yan’s cautionary post has sparked anticipation in the crypto community. 

Daniel Yan’s Warning

Daniel Yan expressed his views on the prevailing market sentiment, stating, “Euphoria: the sentiment of the market has come to a level where I think we should be cautious.” 

This follows his previously pinned tweet discussing the size of potential corrections in the market. Yan anticipates another healthy correction of approximately 15% by the end of April. He urges market participants to consider the macroeconomic landscape, especially with significant events like the Federal Reserve meeting and the Build Back Better (BBB) plan in March.

Answering the question ‘when?’, Yan replies, “I think it happens in the next month or so, as the month of March is a tricky one from a macroeconomic perspective already(Fed meeting and BTFP).”

Yan’s analysis hinges on the intricate dynamics of the upcoming month, marked by critical macroeconomic events. The Federal Reserve meeting and discussions around the Build Back Better plan add layers of uncertainty to the market, contributing to Yan’s cautious outlook.

The Dencun Mainnet Upgrade and Bitcoin Halving

Yan points out specific factors that might contribute to the market’s vulnerability in March. The imminent Dencun mainnet upgrade and the looming Bitcoin halving create an environment where short-term market movements could be influenced. 

Yan acknowledges the unpredictability of whether a new all-time high (ATH) in Bitcoin prices or a correction will come sooner. This uncertainty underscores the challenges facing short-term traders in the current market climate.

In his words, “Again – you don’t have to bother too much on this if you are a long-term holder. For those who are tempted to trade the short term moves, watch March.”

Yan, through his post, has shared a measured perspective, advising long-term holders to remain focused on their investment strategies. However, he emphasizes the importance of closely monitoring market dynamics in March for those practicing short-term trading.