The co-founder of Fundstrat Global Advisors, Tom Lee, said on Thursday that the crypto market was too “treacherous” at the moment for anyone to be trading bitcoin.
Speaking at Yahoo Finance’s On The Move program, Lee said he has not been surprised by the market action of the last few days which has seen bitcoin falling 21% in three days to below $8,100 despite making predictions that the top cryptocurrency could hit $40,000 this year.
Lee said that he had already revealed how a trendless US stock market had weighed on bitcoin’s performance in the past few weeks.
Though Lee remained positive about bitcoin, he warned day traders that market conditions were currently hostile. Lee said:
If someone is trading bitcoin right now, it’s really treacherous.