Market analyst Clem Chambers has weighed in on Bitcoin\u2019s recent price pullback, noting that \u201cbillions of profits\u201d are left to be had closing out stop losses in the event of a flash crash.\u00a0<\/p>\n
Chambers is the CEO of stocks and investment website\u00a0ADVFN\u00a0. As well as running Europe and South America\u2019s leading financial market website, he is a regular columnist for various financial publications around the world.<\/p>\n
According to a recent report by Forbes, this senior investing contributor warns that investors should be wary of Bitcoin\u2019s price now that its begun to fall. <\/p>\n
Chambers says crypto traders are operating in a market \u201cfull of gamblers,\u201d which serves as a bearish signal for the price of BTC.<\/p>\n
He wrote:\u00a0<\/p>\n
\u201cThirty 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.\u201d<\/p>\n
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.<\/p>\n
The Forbes trader says he has mostly exited his DeFi positions following the\u00a0price pullback, with the market having the feeling of a \u201ctop.\u201d<\/p>\n
He continued:\u00a0<\/p>\n
\u201cCrazy volatility is a signal that the market doesn\u2019t know and when it doesn\u2019t know, it knows it doesn\u2019t know and that\u2019s bad.\u201d<\/p>\n
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.\u00a0<\/p>\n
He wrote:\u00a0<\/p>\n
\u201cRemember institutional money is not brave [\u2026] 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.\u201d<\/p>\n