Bitcoin Price Forecast: Billionaire Warns of Potential Downward Trend

Renowned Chinese billionaire Jiang Zhuo'er, founder of Lebit Mining Pool (also known as B.TOP), has made a technical analysis forecast for Bitcoin's price by the end of this week. According to Zhuo'er, both major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have fallen below their rising price channels, sending a negative signal from a technical perspective.

The downward break of these ascending channels makes current conditions unfavorable for investors taking long positions, warned Zhuo'er. He also pointed out that the closure of ETF markets in the US over the weekend eliminated potential institutional buying pressure from spot Bitcoin and Ethereum ETFs.

Data from Coinglass suggests that if Bitcoin falls below $76,000, there could be significant liquidation clusters, with a total liquidation volume of long positions on major centralized exchanges reaching approximately $797 million. Conversely, if Bitcoin regains strength and rises above $80,000, there could be pressure on short positions in these same exchanges.