Top Trader Cautions on Crypto Bull Run Amid Geopolitical Risks
Bitcoin is currently above $100,000, leading to questions about the continuation of the crypto bull run. Systematic trader Adam Bakay suggests uncertainty remains. He notes that no key swing low has broken, and uptrends on monthly and weekly charts persist, despite concerns about failing to reach new all-time highs.
Key Insights from Adam Bakay
- Institutional interest is strong, with BlackRock holding about 3.5% of Bitcoin's total supply.
- Possible scenarios: reclaiming the $100,000 level or dipping to $97,000–$95,000, where significant support exists.
- Bakay is not shorting the market but maintains a defensive trading approach due to declining open interest and signs of spot bid interest.
Ethereum's Outlook
- Failed breakout for Ethereum attributed to rapid viral narratives around "DeFi Summer 2025."
- Next support level near $1,800; current positioning indicates oversold conditions.
- Short-term price direction influenced by developments in the Middle East.
Altcoin Performance
- Altcoins have struggled to gain traction, with expectations of rotation from Bitcoin into altcoins not materializing.
- Crypto-related equities are seeing more rotation compared to altcoins.
- Solana (SOL) has retraced its April rally, with critical support at $100.
Bakay highlights two newer altcoins, Hype and Fartcoin, noting potential for volatility and liquidity-driven interest.
He emphasizes the need for caution due to geopolitical uncertainties impacting market conditions. While he sees potential for upside, he advises against aggressive trading strategies during this volatile period.
Current Bitcoin price stands at $101,847.
