Bitcoin’s Wild Spiral: Will It Crash to $70K? 😱📉

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Bitcoin‘s Wild Spiral: Will It Crash to $70K? 😱📉

Bitcoin’s Wild Spiral: Will It Crash to $70K? 😱📉

The Bitcoin price—like a wild west drifter with a drinking problem—keeps stubbornly inching downward.
It’s now hanging around $88,588, clutching its crumpled $1.756 trillion market cap like a gambler’s
last dollar. Market folks are swirling coffee, shaking heads, and muttering about how BTC is once
again doing that 2021 stunt—building up a market-top formation like a bad sequel nobody asked for.
In short, there’s a chance of another slap-worthy 10-20% drop coming this way. Y’know, just for kicks.

Bitcoin’s Nostalgia Kick: 2021 Market Top Flashbacks

Crypto analyst Ali Martinez chimes in, armed with charts and a grim demeanor. Apparently, our good
ol’ Bitcoin friend is tracing the same erratic patterns as it did back in 2021, when it thought it
could reach for the stars but slipped on a banana peel instead. Martinez predicts BTC might dance in
place for a while—like someone nervously waiting in line at the DMV—before *wham!* another potential
tumble.

Source: Ali charts. Don’t shoot the messenger 😬.

Ali also threw a little scare our way, warning how BTC keeps losing crucial support levels like a rowdy
kid forgetting their math homework. The next major support? $93,198. But watch out—fall under that, and
it’s like someone just opened a trapdoor. The next thing you know, BTC could drop 10 floors straight to
$70,440. And guess what? It’s already living below that comfy support line, with CoinGlass data showing
open interest is feeling queasy, dropping 1.34% to $56.69 billion.

Source: Glassnode. Fancy graphs, sad stats 😓.

Arthur Hayes Chimes In: More Doom, Just in Case

BitMEX co-founder Arthur Hayes—never one to sugarcoat things—shared his thoughts amid the delightful
circus that is US politics. According to Hayes, BTC might decide to nosedive to pre-election levels
around $70,000–$75,000 if former President Trump can’t get his budget passed. Yep, it’s budget chaos
time again, folks! Hayes advises traders to “chill out, retrace, and wait” like it’s the apocalypse
but with popcorn.

On top of that, investors are pulling money out of spot Bitcoin ETFs faster than you can say “Oops.”
Net outflows hit $937 million, with Fidelity’s FBTC leading the charge (or retreat?) at $344 million
and BlackRock’s IBIT close behind at $164 million. Apparently, when calm waters turn murky, everyone
grabs the lifeboats.

Meanwhile, the inflation monster’s still roaring, and the Fed seems to think “rate cuts” is some
sort of forbidden magic spell. All in all, traders are left without a decent catalyst in sight,
sipping cheap coffee, and bracing for whatever comes next.

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2025-02-26 12:42