Crypto Analyst Predicts Major Selling Pressure for Bitcoin
A prominent crypto strategist who accurately identified the Bitcoin low in 2022 believes that a specific group of investors will greatly influence Bitcoin’s next bear market.
The analyst, known as Donald, recently shared insights with his 670,400 followers on X, suggesting that the Bitcoin treasury company could exert significant sales pressure during the forthcoming downturn.
Data from Bitcointreasuries indicates that both private and public companies globally currently hold over $11.7 billion worth of Bitcoin, totaling 1,112,904 BTC.
Donald warns, “The Bitcoin treasury company… is what makes the next bear market so violent, much like the last one.” He adds, “As they continue to sell, it’s a classic Ponzi.”
According to him, the impending Bitcoin bear market will be devastating, reminiscent of 2018 when Bitcoin prices plummeted from $20,000 to $3,000. “Ultimately, it could drop 70-80% from that point.”
Though Donald is cautious about a Bitcoin bear market while monitoring the current cycle, he remains optimistic about the cryptocurrency for the moment. He suggests that if Bitcoin falls below a critical support level, it might trigger a correction of 11% or more.
“Setting a new low under $101,000 could lead us toward $95,000, or potentially even $90,000,” he warns.
As of now, Bitcoin is trading at $105,438.
