Andrew Tate Says Bitcoin Is Going to $26,000

Widely followed influencer Andrew Tate has shared a cryptic message on why Bitcoin and the crypto market is capitulating.

Is Hopium Fueling the Bitcoin Dump?

Recall it is “Uptober,” the month many expected Bitcoin to blow up and reach multiple new all-time highs. While it started that way, with BTC quickly rallying to a new ATH of $126,200, its price has crashed 16% in two weeks to the current level.

Tate’s Reasoning on Bitcoin’s Price Fall

The influencer argued that many investors share the sentiment that Bitcoin cannot go any lower; hence, there are lots of open, high-leveraged positions. Since recent price crashes have adversely impacted traders, Tate believes they have returned with more leverage and borrowed capital, seeking to recoup lost positions in “one trade.”

However, he emphasized that everything can always go wrong. He claimed that the more people overtrade and apply high margins with the sentiment that Bitcoin has bottomed, the more likely the asset will continue to fall.

Interestingly, Tate claimed the market would remain this way until all the optimism of a rebound fades. He suggested that the rebound would finally come when no one expects it. According to him, Bitcoin will hit a new all-time high when “everyone is out of money” or “when nobody is going to make it all in one trade.”

While Bitcoin could still see steeper declines as Tate predicted, most investors believe the $26,000 target seems farfetched. The last BTC saw this price was in October 2023. Nonetheless, with the drop to $26,000 representing a 75% crash, BTC has actually witnessed a slump close to this magnitude.

Specifically, Bitcoin crashed 66% from $45K in April 2022 to $15K in December of that year, but this was due to the FTX collapse. Moreover, the presence of large institutions and ETFs could prevent a similar crash.

Bitcoin’s Next Rebound Will Be Massive

Meanwhile, several other analysts remain optimistic that Bitcoin will rebound at some point. For context, JAN3 CEO Samson Mow recently noted that Bitcoin’s next move would be face-melting.

His comment came as Bitcoin plays contrarian to gold, the largest asset by market cap. While the precious metal became the first asset to reach a $30 trillion valuation, BTC fell to nearly $2 trillion.

This development sparked reactions from long-standing critic Peter Schiff, who claimed gold’s superiority. He noted that gold is more likely to reach $1 million than Bitcoin.

Mow believes that while gold is rallying now, Bitcoin would surpass that feat when its next leg up begins. He further predicted that Bitcoin would reach $1 million by December 2025.