"Bitcoin, a Time Bomb That Could Drop to $10,000"

Bitcoin (BTC), which surpassed $100,000, is claimed to experience a massive decline in the next bear market.

On the 5th (local time), Bitcoin, after surpassing $100,000, gave back its gains and is trading at around $97,000. On this day, Jacob King Whale Wire analyst stated, "Bitcoin is a huge trap supported by Tether (USDT)" and "Bitcoin is a time bomb that could easily drop below $10,000 in the next downturn."

He added, "A store of value is something that stores value. If its value drops more than 10% in 43 seconds, it can never be a means of storing value."

Meanwhile, Bitcoin momentarily plummeted, touching $90,500 during the day. This led to a massive liquidation of long positions. This sharp decline is understood to be due to the complete sale of Bitcoin by Meitu, a mobile app developer known as the Chinese version of MicroStrategy. Today, Meitu announced that they have sold all 948 Bitcoins they held, starting from last November.