Analyst: BTC Has Not Bottomed Yet, May Fall Below $100,000 or Even Reach a Potential Bottom at $60,000–$70,000

According to ChainCatcher, renowned cryptocurrency analyst CryptoCapo stated that, in his view, the real Bitcoin sell-off event may not have occurred yet. He predicts that the price of Bitcoin could fall below $100,000 to the $92,000–$93,000 range, and if it drops further, it may reach a potential bottom between $60,000 and $70,000.

He also pointed out that if this trend materializes, altcoins could face a further downside risk of 50%–80%. CryptoCapo revealed that since late May, he has been net shorting the market, mainly targeting altcoins, and plans to continue increasing his short positions.