Bitcoin Headed for $70K? Hedge Fund Manager Warns of More Downside!
Bitcoin’s recent sell-off may not be over yet, according to Quinn Thompson, founder of Lekker Capital. The hedge fund manager predicts that BTC could drop to $70,000 by the end of March, urging investors to exercise caution.
Why Is Bitcoin Under Pressure?
📉 Stock Market Turmoil: The Nasdaq fell 7%, while Nvidia (NVDA) tumbled 5%, triggering panic across financial markets. Bitcoin, often correlated with tech stocks, was dragged down alongside equities.
📉 Meme Coin Bubble Burst: The recent meme coin hype crash has added downward pressure on the broader crypto market.
📉 Federal Reserve’s Stance: With inflation data coming in hotter than expected, the Fed is unlikely to cut interest rates soon, keeping risk assets like BTC under pressure.
70K – The Key Level to Watch
Thompson believes that Bitcoin's inability to rally despite positive news is a warning sign. He highlights $70,000 as a critical support level, warning that BTC could dip to that mark before finding stability.
⚠ “Investors should remember that bear markets are always possible, and in this environment, extreme caution is necessary.” – Thompson
With macroeconomic headwinds piling up, Bitcoin's next few weeks could be crucial. If selling pressure persists, a deeper correction may be on the horizon.
