Veteran Trader Issues Bearish Warning on Bitcoin Amid Ongoing Weakness

Veteran trader Michael XBT has been making waves in the crypto community with his latest warning on Bitcoin. The trader, known for his accurate calls, including identifying the 2022 bottom near $15,000, is now predicting a major breakdown that could have far-reaching consequences.

According to Michael, a decade-long wedge pattern is nearing a critical support test, which he believes will trigger heavy selling and potentially even 'total destruction' across the market. He points to bear flag resistance and ongoing weakness as signs that capitulation is underway.

In an earlier market update, Michael highlighted a leveraged short position that benefited from the decline in Bitcoin's price. The position had generated gains of over 220% as the asset fell from around $75,000 toward the $66,000 area.