Summary
- Analyst Jacob King warned that Bitcoin is entering a multi-year bear market.
- He noted negative signals such as the decrease in MicroStrategy's purchase volume and El Salvador's policy change.
- Donald Trump does not support Bitcoin, which could affect investor confidence.
Cryptocurrency newsletter WhaleWire analyst Jacob King stated on the 3rd (local time) on X (formerly Twitter), "We are currently in the calm before the storm," warning that "all signals indicate we are entering a multi-year bear market."
He noted, "MicroStrategy's purchase volume is decreasing, and El Salvador has reversed its Bitcoin (BTC) policy," adding, "BlackRock's BTC spot ETF has experienced the largest outflow ever, and Tether has not issued new USDT for over 20 days."
He further explained, "Do not be surprised if a sharp decline begins and the entire market faces significant losses. There is also a high possibility of it coinciding with a stock market crash."
Additionally, he added, "Donald Trump does not support Bitcoin," stating that "he only mentioned it briefly to gain the favor of cryptocurrency investors just before the election."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
