The post Bitcoin Crash to $70K? Analyst Warns of Massive Sell-Off Ahead appeared first on Coinpedia Fintech News
Veteran crypto trader Capo of Crypto has just doubled down on his warning that Bitcoin could soon see a huge drop to as low as $70,000. Despite Bitcoin staying above $100K for now, Capo says big hidden moves and fresh global risks could break this key level and spark a massive sell-off.
Here’s why he’s not backing down from his bearish call and what could trigger the next big shake-up.
Altcoins Fallen 30% – 50%
While Bitcoin has managed to hover around $108,000, most altcoins have already seen heavy losses, falling 30% to 50% from their May peaks. According to Capo, this drop was no surprise, he called it perfectly and has continued to add to his short trades, especially focusing on altcoins he believes have more downside ahead.
But here’s where it gets more interesting: Bitcoin is still holding above $100,000, mainly due to institutional investors accumulating BTC for their reserves, which creates steady buying pressure.
However, he finds it odd that with all this buying, Bitcoin’s price hasn’t soared higher. “Something feels off,” he says, suggesting that bigger whales may be quietly selling at these levels.
Dormant Bitcoin Wallets Come Alive
Adding to the uncertainty, several old Bitcoin wallets from the Satoshi era have suddenly become active, moving over 80,000 BTC, worth nearly $8.7 billion, after 14 years.
It’s unclear if these coins will be sold, but Capo sees this as a sign that large holders might be distributing, not accumulating, at current prices.
Bitcoin To Drop To $70k, IF!
What makes Capo even more bearish is his view that if Bitcoin breaks below the $100K level clearly, it could soon drop to the next support area around $92K–$93K. Making this even worse, a deeper slip could drag BTC to $60K–$70K, and altcoins might collapse another 50%–80% in a panic sell-off.
China–Taiwan Tensions Loom Large
One trigger he points to is the China–Taiwan conflict, which he says is quietly reaching a dangerous point. Any disruption in Taiwan’s vital chip supply could shake global markets and push investors to panic, and crypto won’t be safe.
As of now, bitcoin is shying away from its all-time high, currently trading around $108,912, reflecting a rise of 1% seen in the last 24 hours, with a market cap hitting $2.16 trillion.
