u.today
Mark Dow, a proprietary global macro trader, recently issued a warning for Bitcoin bulls on his social media profile.
According to Dow, the fact that the largest cryptocurrency did not even manage to reclaim the $60,000 level is "not a great sign" for Bitcoin bulls.
Dow famously shorted Bitcoin back in late 2017 when the flagship cryptocurrency reached the peak of that market cycle amid massive hype. He also presciently closed his big short in late 2018. By then, the price of the flagship cryptocurrency plunged 80% from its peak. Dow told Bloomberg that he did not want to "squeeze more out of the lemon." His trade was perfect given that the largest cryptocurrency started gradually recovering the following year.
Some of his Bitcoin predictions were not that accurate. As reported by U.Today, Dow tweeted that the leading cryptocurrency was "dying" back in November 2019. A little more than a year after his tweet, Bitcoin went on to reach a new record peak in late 2020. In 2021, Bitcoin went on to hit $69,000.
Following a painful bear market, Bitcoin went on to reach a new peak of $73,737 earlier this year following the launch of Bitcoin exchange-traded funds.
In April, the former hedge fund manager called out the hypocrisy of the Bitcoin community, which has embraced Wall Street despite acting as part of the anti-establishment in the past.
Bitcoin, then: Stick it to the man and the Wall Street suits. We need money that’s safe from all that.
— Dow (@mark_dow) April 15, 2024
Bitcoin today: $IBIT
On Aug. 5, the price of Bitcoin briefly collapsed to $49,557 on the Bitstamp exchange due to the global market mayhem that was triggered by Japan's plunging equities.
Even though the cryptocurrency has recovered in a relatively short span of time, it is still trading below the much-coveted $60,000 despite the relative strength of the Nasdaq 100 index, which is up 3.42% over the past five trading sessions.