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Kathy Stockton, founder of Fairlead Strategies, said on Tuesday that the new year’s Bitcoin rally does not look sustainable. “The positive thing is that he’s rallied enough to give people an outlet,” Stockton said on CNBC’s Squawk Box. “The catch is that when you see these strong, very steep advances, they are more countertrend.” After ending 2022 with a drop of more than 60%, bitcoin is already up about 40% since the start of the year. On Saturday, the world’s largest cryptocurrency reached its highest level since August, climbing above $23,300. BTC.CB= 1Y Mountain Bitcoin Stockton said a slow rise would be more optimistic for Bitcoin and other altcoins. Bitcoin had 14 consecutive days of growth this month at one point. “Therefore, we are skeptical about the sustainability of this rally, which we continue to view as a countertrend,” Stockton said. This month, the token did break through the 200-day moving average, but Stockton said it had happened before, and it turned out to be a false signal. Meanwhile, the chart analyst said that there are oversold conditions, but they have been there for many months. “We’re not sure we have a breakthrough here,” Stockton said. “It’s only when we see these numbers rise that we can really be sure that we have something meaningful, and because it happened so quickly, it hasn’t had such an impact yet.”
Credit: www.cnbc.com /
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