If Bitcoin Reclaims $62K, Trader Sees 'Green Light For More Madness'

Heavily followed crypto trader Cold Blooded Shiller shared his thoughts on Bitcoin’s BTC/USD short-term prospects, expressing skepticism about reclaiming the $62,000 mark.

What Happened: In his latest tweet, Shiller expressed his belief that despite the positive momentum, the $62,000 mark still represents a bearish retest for the world’s largest cryptocurrency.

Just so my thoughts are clear here.

Short-term it's great we're getting the bounces and momentum is good on the upside.

I don't think we reclaim $62k, I think we'll reject after squeezing it.

And, it doesn't matter what I think, only what the market actually does. https://t.co/BzRyxxbppZ

— Cold Blooded Shiller (@ColdBloodShill) May 3, 2024

He also highlighted the potential for further upside, stating, "The good news is, if it does reclaim, we’ve got the green light for more madness." This sentiment suggests that a successful breach of the $62,000 resistance could open the doors for a continued rally in the Bitcoin market.

The trader also took the opportunity to check in with his followers, asking, "The other good news is if it does reject you all made lots of money in this bounce, right?"

Looking ahead, Cold Blooded Shiller shared his personal opinion on the likelihood of Bitcoin reclaiming the $62,000 level, stating, "I think if $62k is reclaimed that’s the correction done. But for what is worth, I don’t think we do reclaim it."

Price Action: At the time of writing, BTC was trading at $61,950, up 4.6% over the past 24 hours.

Also Read: Bitcoin’s ‘Clock Is Ticking’: Why Edward Snowden Issues ‘Final Warning’

Why It Matters: Shiller's tweet serves as a reminder to take profits when the opportunity arises, especially during volatile market conditions. He emphasizes that these thoughts are secondary to the actual market movements, stating, "Not that it matters what I think, it’s what the market does that’s important."

Despite the current positive momentum, the trader's prediction suggests caution among investors. His comments underscore the inherent volatility and unpredictability of the crypto market.

In another tweet on Friday, Shiller added that Bitcoin is still under $62,000 implying a bearish short-term space. However, he adds that with markets having been on the downside lately it implies relief and bounces are to be expected. He also added that "Meme markets are looking very strong in the current climate, and we all know how much opportunity is presented there."

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: What The FOMC Meeting Means For Bitcoin’s Next Move

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.