As an analyst with a wealth of experience under my belt, particularly in the volatile world of global macro trading and cryptocurrencies, I find myself intrigued by Mark Dow’s recent warning to Bitcoin bulls. His track record is undeniably impressive – having accurately predicted the peak of the 2017-2018 market cycle and walking away from the table before the proverbial lemon squeezed too dry.
Mark Dow, a proprietary global macro trader, recently issued a warning for Bitcoin bulls on his social media profile.
Based on Dow’s perspective, it’s concerning for Bitcoin supporters that the leading cryptocurrency failed to regain the $60,000 mark.
In late 2017, when Bitcoin reached its highest point in the market cycle amid great excitement, Dow decided to short it. He also wisely ended his big short in late 2018. By this time, the price of Bitcoin had dropped about 80% from its peak. When asked by Bloomberg, Dow stated that he didn’t want to get any more value out of the situation because the largest cryptocurrency began a gradual recovery the following year.
It’s been pointed out by U.Today that some of Dow’s predictions about Bitcoin weren’t spot-on. Back in November 2019, he tweeted that Bitcoin was on its deathbed. However, just over a year later, Bitcoin soared to an unprecedented high in late 2020 and reached even greater heights, peaking at $69,000 in 2021.
After experiencing a tough downturn in the market, Bitcoin surpassed its previous high of $73,737 earlier this year, shortly after the introduction of Bitcoin-based exchange-traded funds.
In April, the ex-hedge fund manager criticized the Bitcoin community for their inconsistency, as they’ve adopted practices similar to Wall Street, despite historically positioning themselves against established systems.
Today, Bitcoin stands as a symbol for breaking away from traditional financial systems dominated by big banks and Wall Street elites. It offers a secure form of currency that’s not subject to their control. In the context of modern cryptocurrency market, Bitcoin is represented as $IBIT.
— Dow (@mark_dow) April 15, 2024
On August 5th, the price of Bitcoin momentarily dipped to $49,557 on the Bitstamp platform, a result of turmoil in the worldwide financial markets caused by a sharp decline in Japanese stocks.
Despite rebounding swiftly within a brief period, the cryptocurrency remains below its highly desired $60,000 mark, even with the robust growth of the Nasdaq 100 index by 3.42% in the last five trading days.
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2024-08-21 09:51