But Axi strategist Stephen Innes said vast financial support from the Fed, government spending and the vaccine rollout "still points to gleaming days ahead".
Bitcoin was sitting at $32,400 after seeing recent wild swings, that saw it hit a record near $35,000 before diving to $28,000 within the space of a day.
Palm marked its second year of growth in 2020 last week, as demand remained firm amid tightening supplies due to unfavourable weather and infrastructure issues.