Jacob King, an analyst at WhaleWire, issued a warning about the trajectory of Bitcoin and the broader crypto market.
In an article on X, King highlighted key developments that he believes could trigger a prolonged bear market.
King pointed to MicroStrategy’s diminishing purchases of Bitcoin (BTC), El Salvador’s apparent abandonment of its Bitcoin-focused policies, and significant BTC sales by BlackRock as critical warning signs for investors.
In the past, King has often called MicroStrategy’s Bitcoin-focused business model a “giant scam,” arguing that it is unsustainable and doomed to collapse.
He also noted that Tether (USDT), a leading stablecoin issuer, had suspended all new minting activity for more than 20 days, a period that coincides with the recent stagnation in Bitcoin prices.
“The calm before the storm,” King said, warning that the potential downturn in the crypto market could coincide with a broader stock market crash. He attributed the current market optimism to “greed” and advised investors to reassess their risks before maintaining their positions.
King’s criticism comes as Bitcoin trades at $98,387.00.
