Jason Calacanis, host of the All-In podcast, on Tuesday said Bitcoin (CRYPTO: BTC) will never break its all-time high again, predicting it retests its $57,000 low within the next 12 months.
Why Calacanis Says Bitcoin Has Lost Its Edge
Calacanis posted on X that ETF outflows signal a brutal stretch ahead for Bitcoin, arguing too many other opportunities now create far more value than a network offering nothing beyond a store of value.
He said Bitcoin’s old viral power came from social pressure, where not owning it got you mocked, a dynamic he says has completely disappeared.
"No one is trying to convince people to buy Bitcoin anymore," Calacanis wrote, pointing to AI and what he calls "Super Intelligence" as the asset now offering unlimited upside instead.
He framed the shift as obvious: sell Bitcoin, buy into AI’s growth story instead.
Why Other Analysts See Things Differently
As Benzinga reported Monday, Galaxy Digital’s head of firmwide research Alex Thorn argued the opposite case, saying Bitcoin bottomed in June and remains in an accumulation phase with a potential run back to $125,000.
Thorn pointed to nine major hedge funds cutting 68,000 BTC in combined ETF holdings between September 2025 and June 2026, while every other reporting institution added to positions in aggregate, a sign he called consistent with genuine buying rather than short-term trading.
Benzinga also reported Tuesday that market commentator More Crypto Online flagged a possible post-midterm pullback toward $63,300 to $74,800, based on patterns from the 2014, 2018 and 2022 midterm cycles.
He noted one key difference this time:
- Prior midterm cycles: Bitcoin traded roughly 70% below its peak heading into elections
- This cycle: Bitcoin currently sits only about 35% off its high
That gap, he said, argues against another 50% crash.
Schwab Network’s Jim Ferraioli called election-driven selloffs a potential buying opportunity, pointing to institutional adoption and bipartisan regulatory support as reasons the historical correlation between elections and crypto prices lacks real statistical weight.
Why Hyperliquid Whales Just Flipped Bearish
Cointelegraph posted on X that Hyperliquid as measured by Hyperliquid Strategies (NASDAQ:PURR) whales have turned net short on Bitcoin for the first time since March, according to Glassnode data, adding a fresh signal of caution from large derivatives traders even as spot-side institutional buying continues.
Bitcoin traded near $80,000 Tuesday, roughly 35% below its all-time high. Nearly $6.2 billion in ETF inflows since early July continue to cushion against sharper downside.
Image: Shutterstock