Glen Goodman, 'The Crypto Trader' author, gives some warning signs of a Bitcoin correction following it's all time high, and says in the not so distant future we may see a flash crash. 

Financial District

Bitcoin, the world's leading cryptocurrency, recently reached an all-time high valuation, sparking discussions and analyses on its future trajectory. Glen Goodman, the author known for his book 'The Crypto Trader', has provided insights indicating potential warning signs of a correction. He suggested that the new peak might not sustain for long and pointed toward the possibility of a "flash crash" occurring in the foreseeable future.

Goodman's warnings are of particular interest to investors and traders who closely monitor Bitcoin's volatile market for any signs of change. His analysis stems from observing the cryptocurrency's historical performance, especially after achieving record high valuations. While specifics of the warning signs or the factors contributing to such a prediction were not detailed, Goodman's expertise in cryptocurrency trading adds a level of credibility to his forecasts.



Bitcoin may see a "flash crash" after record high valuation

Obviously, the price has gone parabolic recently, and it doesn't take a genius to work out what usually happens after the price of Bitcoin or indeed any other asset goes parabolic. But there are lots of warning signs. For example, I think the main thing to look at really is the Bitcoin, the BTC futures funding rates. If you look at big exchanges like Binance, you'll see that people are now paying around about 100% interest per year to borrow money to trade Bitcoin. And they're doing that in the billions of dollars. Whenever that has happened, historically, we tend to get a big correction. Now, already, as we're speaking, we've seen a correction already from 69,000 down to 65,000 already today. I've been watching those funding rates to see if they're adjusting. They have come down ever so slightly, but they're still at very elevated levels. So I would say my short-term outlook is that perhaps we get another big surge to take us resolutely above that all-time high. But at some point in the not-too-distant future, I think we're going to see one of them big flash crashes at the very least. Glenn, how do you think about the nature of leverage in the system now, as opposed to when you saw it the last time around, that really drove many companies into bankruptcy? Do you think that the leverage that is built into the system now is unsustainable? No, it's completely different. This is just a short-term leverage thing. As I say, you could wash it out within a day quite easily. That's why I said a flash crash, because it needn't last for weeks. It could be a really big one just to get rid of those futures traders and allow us to have a more sustainable upward movement. It's nothing like the top of 2021. Big difference? Yes, we have got a lot more institutional money now, thanks to those Bitcoin ETFs. But what we don't have is the return of the retail traders. You remember it was during the pandemic, everybody was at home trading Bitcoin, all the ordinary people. The ordinary people have gone, and they have not returned yet. But now, of course, we have the big headline, Bitcoin reaches all-time high. And that in itself is bound to attract a lot of new retail interest in the coming weeks and months, which will probably, in the longer term, push the price higher.

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