Katie Stockton, founder of Fairlead Strategies, said on Tuesday that Bitcoin’s rally in the new year does not look sustainable. “The positive development is that it’s rallied enough for people to get out,” Stockton said on CNBC’s “Squawk Box.” “The catch is, when you see such strong, very steep rallies, they are more characteristic of countertrend moves.” After ending 2022 down more than 60%, Bitcoin is already up about 40% year to date. The world’s largest cryptocurrency hit its highest level since August on Saturday, surging above $23,300. BTC.CB= 1Y Mountain Bitcoin Stockton said a slow grind higher would be more bullish for Bitcoin and other altcoins. Bitcoin has had 14 consecutive days of uptrend at one point this month. “As such, we are skeptical about the sustainability of this rally, which we still view as a countertrend,” Stockton said. The token broke the 200-day moving average this month, but Stockton said it had done so before and it proved to be a false signal. Meanwhile, the chart analyst said there are oversold conditions, but they have been there for many months. “We’re not convinced we have an outbreak here,” Stockton said. “It’s not until we see the uplegs in these gauges that we can really be confident that we have something significant, and because it happened so quickly it just hasn’t had that impact yet.”
https://www.cnbc.com/2023/01/24/chart-analyst-katie-stockton-says-she-remains-skeptical-of-bitcoins-2023-rally.html Chart analyst Katie Stockton says she is skeptical about Bitcoin rally