Here’s Why Bitcoin Needs More Time To Recover, According to Crypto Trader Cantering Clark

By Daily Hodl Staff • June 29, 2021 // BITCOIN

Popular crypto trader and analyst Cantering Clark believes Bitcoin is due for an extended cooldown period before continuing its historic bull run.

After a powerful rally to a high of $64,804, Bitcoin took a sharp 50% correction in May following a wave of bad news, including fears of China crackdowns on miners and Tesla restricting BTC payments.

Cantering Clark shares his outlook on the market with his 59,100 followers, expecting a long road ahead before Bitcoin sees new all-time highs.

“Right now we are in a bear market. I think BTC sees new highs again. I am highlighting how absurd it is to expect them very soon. [The] only possibility is a major macro catalyst…

Bitcoin spent over a year trending with conviction off of the March 2020 lows.

It has been just a little over a month post breakdown.

Some of you think it just resumes from here. Nah, sit down. This is going to take a while.”

Despite the bearish market sentiment, Cantering Clark shares some insights as to why higher prices may be on the horizon.

“Just food for thought.

-Bitcoin is 55% off the highs

-Shorts are paying an exorbitant amount (annualized) to remain short

-The market seems homogeneously bearish

-There has been a ton of FUD (fear, uncertainty, doubt) recently, and we still find ourselves in the range.”

At the time of writing, Bitcoin is trading just over $34,652, according to CoinMarketCap.

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe