Analyst: BTC has not yet bottomed out and may drop below $100,000, potentially reaching a bottom of $60,000 to $70,000

ChainCatcher news, well-known cryptocurrency analyst CryptoCapo stated that, in his view, the real sell-off event for Bitcoin may not have occurred yet. He predicts that the price of Bitcoin could drop below $100,000 to the range of $92,000-$93,000, and if it continues to decline, it may reach a potential bottom of $60,000-$70,000.

He also pointed out that if this trend materializes, altcoins could face a further decline risk of 50%-80%. CryptoCapo revealed that since late May, he has started to net short the market, primarily targeting altcoins, and plans to continue increasing his short positions.