Dave Portnoy Questions Bullish Predictions as Bitcoin Drops Below $60K

Barstool’s founder, Dave Portnoy, has called out Bitcoin and crypto bulls, questioning their bullish predictions amid the latest crypto crash. BTC has fallen notably below the psychological $60,000 level, with traders now pricing in a possible crash to $50,000.

Dave Portnoy Calls Out Bitcoin Bulls

In an X post, Dave Portnoy asked those who had predicted that BTC would reach $1 million and how it was the future to explain why those who have always said that it is a scam and that it would go to zero are wrong. “Cause it seems like it’s going to zero,” he added.

His statement comes amid the Bitcoin crash below $60,000, with the BTC price trading at around $59,000, according to TradingView data. This has again sparked bearish sentiments, with predictions that the leading crypto could drop further.

Notably, BTC’s crash has come on the back of a hawkish Fed stance following the June FOMC meeting, in which the Fed kept interest rates unchanged. Most Fed officials also penciled in at least one rate hike this year in their economic projections.

Bitcoin critic Peter Schiff has also commented amid the crash, predicting that short sellers could force Strategy and Michael Saylor to sell BTC to buy back their stock. “That would reduce the discount, but it may not raise the share price, as Bitcoin will crash,” he said. The MSTR stock fell below $100 today as BTC crashed below $60,000.

BTC To Crash To $50,000 This Year

Crypto traders are now predicting that Bitcoin will crash to $50,000 this year. Polymarket data shows a 64% chance of this happening. There is also a 46% chance that the leading crypto will fall to $45,000.

BTC continues to face significant selling pressure despite the U.S.-Iran deal, with oil prices now falling. In a market report, onchain analytics firm Glassnode noted that the most notable cluster for BTC is within the $66,800 to $70,700 range.

Glassnode stated that this range represents a dense pocket of recently accumulated coins now held at a loss, and that this cluster is likely to generate sell pressure on any attempted recovery. “This zone effectively defines the most probable ceiling for any near-term sideways consolidation or relief bounce, as holders within this range face the behavioral incentive to exit near breakeven as price approaches their acquisition cost,” the firm said.

They added that a sustained reclaim above $66,800 could trigger a further rally to the Short-Term Holder Cost Basis of $71,400 in the mid-term. However, until then, Bitcoin faces a local overhang that is weighing on any upside momentum.