Bitcoin may continue to trend downwards, despite the upbeat signals from the Miami Conference and prospects of legalization in Latin America. Popular trader, Cobra Crypto has warned of an impending Bitcoin crash that will drive BTC prices to $25,000 level. The Twitter user is well known in crypto circles for speculating on BTC trends. In a series of tweets posted to his account this week, Cobra Crypto warned investors to prepare for “absolute carnage”.
Bitcoin Crash to Drive Down Market Capitalization By 20%- Cobra Crypto
After Bitcoin stabilized at nearly $36,000 in the wake of its most recent downfall, investors adopted bullish positions on the market, hoping for the prices to surpass the $40,000 benchmark. But Cobra Crypto suggests that Bitcoin’s decline is far from over. He expects the virtual currency to shed 20% off of its market capitalization in the upcoming days. On June 4, he tweeted, “Absolute carnage within next 5 days or you can tell me how wrong I was.”
In an update, he proffered that the market has only 48 hours before it gets hit by the downturn. He also claimed that this time Bitcoin would not stop sliding at $32,000. He also added that if BTC prices hit below $28,000, he would “scale back in”.
This isn’t even the dump. Just wait another 48 hours max.
— Cobra Crypto (@CobraCrypto) June 7, 2021
Currently, BTC is trading at $33,000, though it frequently touched $32,000 throughout June 8.
BTC Prices Are Affecting Altcoins
While Bitcoin stumbles amid growing speculations, altcoins aren’t faring any better. Previously, many of them appeared to duck the effects of overall decline and gave investors decent returns. But on June 8, all the top 50 cryptocurrencies, except for Theta Fuel(TFUEL) and LEO tokens, were trading in the red.
If Cobra Crypto’s forecast materializes and Bitcoin suffers a 20% dip in value, the combined market cap of cryptocurrencies could drop to $1.13 trillion.
Notably, Cobra Crypto isn’t the only popular trader predicting negative prices for Bitcoin. Crypto Ed, another crypto trader vocal on Twitter, is also betting against BTC. In his latest update, he wrote, “Beware, I think we still get 1 leg down, the bounce is weak.”