Analyst warns of potential crypto bear market

Jacob King, an analyst at WhaleWire, has raised concerns over Bitcoin’s (BTC) outlook. He noted a series of factors on X, including MicroStrategy’s reduced BTC purchases, El Salvador scaling back its Bitcoin policies and BlackRock selling significant BTC holdings. Additionally, Tether’s lack of new minting activity for over 20 days has coincided with Bitcoin’s price stagnation. King predicts a possible multi-year bear market, warning that a downturn in crypto could align with a broader stock market decline. He attributes the current sentiment to overconfidence, cautioning investors to reassess their strategies.