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Dave Portnoy Doubles Down on Bitcoin Skepticism, Says It Could Head to Zero - Crypto Economy
The collapse of Bitcoin‘s price below the psychological barrier of $60,000 sparked alarms in the crypto market, dragging the ecosystem to its lowest level since October 2024. Following this 4.2% drop, public figures such as Barstool Sports founder Dave Portnoy openly questioned the asset’s long-term viability against the most optimistic predictions.
Data from CoinGlass reveals that losing this key support triggered a wave of panic that liquidated 169,531 traders, wiping out a total of $869.39 million in just 24 hours, primarily affecting long positions. On-chain analytics firms like Glassnode confirmed that the crash responds to persistent outflows from spot Bitcoin ETFs and a widespread absence of institutional demand, which weakens the technical structure against a projected strengthening of the US Dollar Index (DXY).
The next step for the market will depend on Bitcoin‘s ability to consolidate and reclaim key supports; otherwise, increased selling pressure and unfavorable global macroeconomic conditions could extend the correction phase toward new local lows.
Source: https://x.com/stoolpresidente/status/2069833701966393770
Disclaimer: Crypto Economy Flash News is prepared from official and public sources verified by our editorial team. Its purpose is to quickly inform about relevant events in the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We always recommend verifying the official channels of each project before making related decisions.