Veteran Analyst Explains Why is Bearish on Bitcoin Right Now, Says $100K ‘Years Away’

Veteran Analyst Explains Why is Bearish on Bitcoin Right Now, Says $100K 'Years Away'

Market analyst Clem Chambers has weighed in on Bitcoin’s recent price pullback, noting that “billions of profits” are left to be had closing out stop losses in the event of a flash crash. 

Chambers is the CEO of stocks and investment website ADVFN . As well as running Europe and South America’s leading financial market website, he is a regular columnist for various financial publications around the world.

According to a recent report by Forbes, this senior investing contributor warns that investors should be wary of Bitcoin’s price now that its begun to fall.

Chambers says crypto traders are operating in a market “full of gamblers,” which serves as a bearish signal for the price of BTC.

He wrote: 

“Thirty thousand dollar on bitcoin was always going to happen, $40,000 was quite likely, $60,000 not very likely and $100,000 will take an amazing piece of market mania to reach.”

Chambers claims he predicted the current market rally for Bitcoin and cryptoassets dating back to last year, with an addendum that investors should have begun switching their gains to decentralized finance (DeFi) assets at the end of December.

The Forbes trader says he has mostly exited his DeFi positions following the price pullback, with the market having the feeling of a “top.”

He continued: 

“Crazy volatility is a signal that the market doesn’t know and when it doesn’t know, it knows it doesn’t know and that’s bad.”

Chambers said investors should not count on bitcoin reaching $100K any time soon, predicting the price would likely be unattainable until the next halving in 2024. The analyst also downplayed the impact of institutional money, saying companies would likely abandon crypto if the opportunity presented itself. 

He wrote: 

“Remember institutional money is not brave […] institutions are not your friend. Those folks tend to live off slicing and dicing you and the best way to do that is to scalp you at every turn, not drive BTC to the moon.”

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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