Asymmetric founder: Macro and sentiment changes cause Bitcoin to face short-term pressure, but long-term bullish

Joe McCann, founder and CEO of cryptocurrency investment firm Asymmetric, has taken a more pessimistic outlook on Bitcoin in the short term, while maintaining a long-term bullish stance. He said that Bitcoin is facing short-term pressure as macroeconomic changes and sentiment changes continue to drag down the upward momentum. Despite hitting an all-time high of more than $108,000 in December last year, Bitcoin has experienced a pullback due to a stronger dollar, increased volatility and traders' cautious positioning. McCann pointed out that a series of market signals, including the Federal Reserve's hawkish press conference on December 18 last year and sharp fluctuations in the volatility index (VIX), have shifted the short-term probability to a downward correction. He added: "In a bull market, sometimes the weighted probability of the outcome tends to fall, which may bring opportunities to generate alpha returns even if it is only for a few weeks." (Decrypt)