Crypto veteran crypto trader has just doubled his warning that Bitcoin could soon see a huge drop to $ 70,000. Although Bitcoin remains above $ 100,000 for the moment, Capo says that large hidden movements and fresh market risks could break this key level and trigger a massive sale.
Here is why he does not retreat from his bearish call and what could trigger the next great upheaval.
Altcoins fell by 30% – 50%
While Bitcoin has managed to oscillate around $ 108,000, most Altcoins have already experienced heavy losses, reducing 30% to 50% compared to their May peaks. According to Capo, this drop was not a surprise, he called it perfectly and continued to add to his short -term businesses, in particular by focusing on altcoins, he thinks he has more inconvenience to come.
But this is where it becomes more interesting: Bitcoin always has more than $ 100,000, mainly due to institutional investors accumulating BTC for their reserves, which creates a constant purchase pressure.
However, it finds strange that with all these purchases, the Bitcoin price has not increased. “Something feels away,” he said, suggesting that larger whales are quietly selling at these levels.
Dormant bitcoin wallets come to life
Adding to uncertainty, several old Bitcoin portfolios from the Satoshi era have suddenly become active, moving more than 80,000 BTC, worth nearly $ 8.7 billion, after 14 years.
We do not know if these parts will be sold, but Capo considers it as a sign that big holders could distribute, and not accumulate, at current prices.
Bitcoin fell to $ 70,000, yes!
What makes capo even more down is his point of view that if Bitcoin clearly breaks at $ 100,000, he could soon go to the next support area between $ 92,000 to $ 93,000. By further aggravating this, a deeper shift could lead to the BTC at $ 60,000 at $ 70,000, and altcoins could collapse from 50% to 80% in a panic sale.
China – Taiwan Tensions is looming
A trigger that he points is the Chinese-Taiwan conflict, which, according to him, quietly reaches a dangerous point. Any disturbance in the vital supply of Taiwan chips could shake up the world markets and push investors to panic, and the crypto will not be sure.
Currently, Bitcoin is moving away from its top of all time, currently negotiating around $ 108,912, reflecting a 1% increase in the last 24 hours, with a market capitalization reaching 2.16 billions of dollars.
