Billionaire Warns of Potential Short-Term Downturn in Cryptocurrency Market
Bitcoin and Ethereum prices have declined recently, prompting concerns about a short-term downturn in the market. According to Jiang Zhuo'er, founder of Lebit Mining Pool (also known as B.TOP), this decline is not just a normal correction but a negative signal from a technical perspective. He pointed out that both major cryptocurrencies have fallen below their rising price channels.
Zhuo'er argued that current market conditions are unfavorable for investors taking long positions, warning that a new downward trend may begin. The closure of ETF markets in the US over the weekend has eliminated potential institutional buying pressure from spot Bitcoin and Ethereum ETFs, further exacerbating the decline.
Coinglass data suggests that significant liquidation clusters could be triggered if Bitcoin falls below $76,000 or rises above $80,000. If the former scenario occurs, the total liquidation volume of long positions on major centralized exchanges could reach approximately $797 million.