Crypto Strategist Says Bitcoin Could Pull Back As Much As 80% In Next Bear Market

A major investor group will catalyze Bitcoin's brutal bear winter.

Anonymous analyst DonAlt told his 670,400 followers on the social media platform that Bitcoin Finance will be the source of huge selling pressure in the next bear market.

Data from the BitcoinTreasuries show As of writing, private and public companies around the world hold 1,112,904 BTC, worth more than $117.445 billion.

DonAlt said,

"Bitcoin Finance... will be the reason the next bear market is as violent as the previous ones, and no one can convince me.

What they are running is a good Ponzi scheme, so get on with it."

According to DonAlt, the next Bitcoin bear market could be as devastating as BTC's drop from $20,000 to $3,000 in 2018.

“Whatever the final high is, I’d guess it’ll be 70% to 80% lower than it is now.”

Although DonAlt believes Bitcoin will enter a bear market once BTC reaches the peak of this cycle, he is currently bullish on the king of crypto. In a new strategy session, he said that if Bitcoin falls below key support levels, it could trigger a correction of more than 11% from current levels.

“If we make new lows below $101,000, I could easily see us falling to $95,000 or even $90,000 very quickly. #Bitcoin#$BTC