- Bitcoin's brief dip into the $59,000 range has trader Dave Portnoy wondering if the BTC price could hit zero.
- Glassnode analysts believe that Bitcoin's decline is due to capital withdrawal from BTC.ETF.
Barstool Sports founder and trader Dave Portnoy jokingly suggested that Bitcoin, the leading cryptocurrency, could crash to zero. His dark humor may have been inspired by BTC's price losing support at $60,000.
Moreover, Portnoy attacked social media users who continue to believe in the future growth of Bitcoin and other cryptocurrencies.
I need all those who say Bitcoin and cryptocurrencies will reach a million dollars... to explain to me why everyone who has always said BTC is a scam and will go to zero is wrong.
Bitcoin fell to its lowest level since October 2024 yesterday , while Strategy (MSTR) shares traded at prices not seen since February 2024.
According to CoinGlass , the BTC price decline resulted in 169,531 traders liquidating their positions, totaling $869,39 million. The vast majority of the losses came from long positions, totaling $785,31 million.
Glassnode analysts believe that Bitcoin's collapse was caused by ongoing ETF outflows , panicked investors realizing their losses, and defensive options positioning. Overall, Glassnode maintains the view that "broad demand remains absent."
Economist Henrik Zeberg noted that Bitcoin's fall below $60,000 coincided with a period when the US dollar index (DXY) was at a relatively low level of 101.
Now imagine what happens when DXY returns to its 2001 highs during the deflationary downturn I expect to unfold in late 2026 and early 2027.
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Tatyana
And if Bitcoin hadn't crashed, caused by the ongoing outflow of funds from ETFs and the mass realization of losses by panicked investors, would Bitcoin have risen? I wouldn't be surprised if it, artificially created as something ephemeral, would one day collapse and be reduced to zero.
Kiril
Will there be a rebound scenario for Bitcoin's price, and has it already touched all important levels?
Ahil Wahaj
If Bitcoin really could go to zero, it wouldn't have been the subject of controversy for so many years. Every new cycle begins with doubts and ends with a new level of interest. The question isn't whether BTC can go to zero, but how far its adoption will go in the future.
Marina
It seems he's the one who often becomes the center of attention with his loud and controversial statements? Sounds like panic.
kaushik nag
If Bitcoin has no cash flow or physical backing, why shouldn't investors fear its value falling to zero? How can Bitcoin be considered a store of value if it regularly experiences massive price crashes?
Jenie Morgan
Portnoy asks the question every newbie dreads: "What if it's zero?" 😅 Spoiler: holders have been hearing this for 15 years. Five comments in a couple of hours means the topic is alive. HCN Knows how to choose a title. Expert Opinion is your best section. Bitcoin isn't about "if," but about "when." 🚀