Tom Lee, the co-founder of Fundstrat Global Advisors, said on Thursday that the crypto market was too “treacherous” at the moment for anyone to be actively trading bitcoin.
Speaking on Yahoo Finance's On The Move program, Lee said that he has not been surprised by the market action of the last few days – with bitcoin falling 21% in three days to below $8,000 – despite making predictions that the top cryptocurrency could hit $40,000 this year.
Trendless Stock Market
He said that he had already mentioned how a trendless US stock market had weighed on bitcoin’s performance in the past few weeks and said the S&P 500 US stock index needs to make a new high before bitcoin can break out.
While Lee remained positive about bitcoin, saying longer-term holders needn’t worry, he warned day traders that market conditions were currently hostile. He said:
If someone is trading bitcoin right now, it's really treacherous.
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