Bitcoin Surpasses $63K; Co-founder of Matrixport Raises Concerns About Imminent Correction in Crypto Market

Daniel Yan, co-founder of Matrixport, recently took to Twitter to express his concerns about a potential market correction in the crypto industry. Given the macroeconomic uncertainties that March brings, Yan’s warning has garnered attention within the crypto community.

Yan’s cautionary post comes at a time when market sentiment is high, and he believes it is important for investors to exercise caution. In a previous tweet, he discussed the size of potential corrections in the market and predicted a healthy correction of around 15% by the end of April. Yan urges market participants to consider the macroeconomic landscape, particularly with significant events such as the Federal Reserve meeting and the Build Back Better plan scheduled for March.

When asked about the timing of this correction, Yan replied that he believes it will happen in the next month or so. He attributes this prediction to the tricky nature of March from a macroeconomic perspective, given the Federal Reserve meeting and the Build Back Better plan.

Yan’s analysis is based on the complex dynamics of the upcoming month, which is marked by critical macroeconomic events. The uncertainty surrounding the Federal Reserve meeting and the discussions around the Build Back Better plan adds layers of unpredictability to the market, reinforcing Yan’s cautious outlook.

Yan also highlights two specific factors that may contribute to the market’s vulnerability in March: the Dencun mainnet upgrade and the Bitcoin halving. These upcoming events could influence short-term market movements, making it more challenging for traders to predict whether Bitcoin prices will reach a new all-time high or experience a correction.

In light of this uncertainty, Yan advises long-term investors to remain focused on their investment strategies and not be overly concerned. However, he emphasizes the importance of closely monitoring market dynamics in March for those engaged in short-term trading.

Overall, Yan’s warning serves as a reminder to crypto enthusiasts to exercise caution in the face of potential market corrections. By considering the macroeconomic landscape and staying informed about upcoming events, investors can navigate the uncertainty and make well-informed decisions.