PANews reported on July 1 that CryptoCapo, a well-known cryptocurrency analyst, said that in his opinion, the real sell-off of Bitcoin may not have happened yet. He predicted that the price of Bitcoin may fall below $100,000 to the $92,000-93,000 range, and if it falls further, it may hit a potential bottom of $60,000-70,000.

He also pointed out that if this trend is realized, altcoins may face a further decline risk of 50%-80%. CryptoCapo revealed that he has started to net short the market since late May, mainly targeting altcoins, and plans to continue to increase short positions.