“I would wait. If I were going to step in and buy bitcoin today I’d be looking for more like $25,000 for me. Right now it’s in almost a freefall from the $43,000 we saw over the weekend,” Horwitz said.
Bitcoin’s recent rise can be attributed to financial institutions buying, but also to the overall frothiness of the markets.
“We’re at a point in time where markets in general…everybody’s chasing every asset class and chasing markets,” he said.
On gold and silver, Horwitz is maintaining a short position for now.
“All of my trading is done through algorithms that I have and of course, they switched over to the short side and we actually sold into the rally last night and will remain short now until the trend changes. The trend, for the short term, has clearly turned lower,” he said.
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