Institutional Trader Who Accurately Predicted Crypto Winter Makes Bold Call For A New “Bull Market”

May 28, 2022 - Around 3 mins mins to read

Following a seven-month-long severe market sell-off, pundits now believe the crypto market is set for a recovery.

Institutional Trader Who Accurately Predicted Crypto Winter Makes Bold Call For A New "Bull Market" — *Institutional Trader Who Accurately Predicted Crypto Winter Makes Bold Call For A New “Bull Market”*

After BTC plummeted below $50,000 in late December, the crypto-verse was filled with predictions of the market entering a crypto winter. The market has been on a hemorrhage in the months since, culminating in last week’s historical sell-off, with the whole cryptocurrency market tumbling to ten-month lows.

However, following enormous liquidations, particularly after last week’s dump, which was exacerbated by stablecoin meltdown, pundits have argued that the crypto winter may have come to an end.

In a recent post, Yves Lamoureux, commonly known as the “Canadian Whale,” confidently predicted a new “consequential bull market,” according to Yahoo. According to the pundit, who also runs the U.S.-based macroeconomic research business Lamoureux & Co., the recent capitulation by Bitcoin and other cryptocurrencies is enough to boost prices to all-time highs if everything goes as planned.

Lamoureux wrote:

“I see extreme negative sentiment from crypto holders, just as we have seen at other bottoms,”

When Bitcoin reached about $70,000 seven months ago, analysts projected that it would fall to the $20ks to make space for fresh liquidity. He did, however, suggest that Bitcoin’s price would likely continue to rise after that, given the rate at which the commodity was being embraced, especially given its limited supply.

BTC’s price was near to $25,000 last week after losing the $28,000 multi-year support. Furthermore, Lamoureux claimed that he believes the implosion of the UST stablecoin and LUNA dealt a final blow to Bitcoin, as this occurred after the cryptocurrency had already seen 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,”

Despite the fact that the latest market sell-off has been reflected on stocks, with major indices following crypto in lockstep, numerous voices in traditional markets see the market turning back. 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 call for an actual bottom, he noted in a report that the Bank of America’s own Bull&Bear indicator has slipped to a contrarian buy level, implying that prices might soon rebound.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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