Ansem Turns Short-Term Bearish, Says Bitcoin Could Fall to $70,000

Trader Ansem said Oct. 29 that he had turned short-term bearish on crypto, citing weakening U.S. stocks as a risk and saying Bitcoin (BTC) could fall to around $70,000.

Ansem said he reduced positions, took profits and opened some short positions in recent days. He sees major stocks as having risen sharply, with large unrealized gains and few substantial pullbacks. He said investors are beginning to reduce risk and take profits, and that U.S. markets may be nearing the end of a macro cycle as capital exits.

He said crypto’s strong third-quarter performance may have been a countertrend rebound rather than the start of a new bull market. In his view, crypto had moved ahead of weakness in stocks, become oversold and rebounded; more declines in equities could weigh on crypto.

Ansem remains bullish on tokenized stocks, which he views as a way to bring traditional capital and users onto blockchain networks. His latest comments add a specific Bitcoin downside level to his earlier near-term bearish view on Bitcoin, Ether (ETH) and large-cap stocks.