The controversial social media personality, Andrew Tate, issued another crypto warning on October 17, claiming that Bitcoin (BTC) is going to drop all the way to $26,000.
Weighing in on this week’s crypto slump, the former kickboxer let his followers on X know that the reason the market is crashing further is that there are still people who are optimistic that we’re only witnessing a short-term setback.
Once the sentiment changes entirely, that is, when everyone has lost their money and there are no traders bold enough to go long anymore, the tides are going to turn, and that’s when new all-time highs (ATH) are going to come in.
“It’s going down because you think it won’t. So everyone’s max-longing because the market’s become super volatile. Most people have lost all of their money, so everyone’s like ‘Well, it can’t go any lower!’… Everything can always get worse…” said Tate.
“It will continue to get worse until all of the optimism is gone, until all the longs have stopped being placed, til everyone’s out of money, til nobody’s gonna profit. Once that is in place, once nobody is gonna make it all back with one trade… then we go to all-time high,” he added.
Crypto market continues to fall
The cryptocurrency market experienced another flash crash in the hours leading up to Tate’s rant, plunging $150 billion in a matter of hours and intensifying the already steady downward trend.
Without exception, the top 10 digital assets had fallen sharply on the day. Bitcoin slid 5.6%, while Ethereum (ETH) lost 7.16%. At the same time, XRP and Solana (SOL) recorded declines of 7.69% and 8.23%, respectively. Cardano (ADA) and BNB, however, were hit hardest, plummeting 9.84% and 11.93%. Andrew Tate’s own meme coin itself, Daddy Tate (DADDY), is 8.49% in the red as of the time of writing.
The downturn was driven by broader macroeconomic concerns, particularly the escalating tensions between the U.S. and China, which have affected both digital and fiat markets, pushing investors toward hedges such as gold, which traded at $4,339 per ounce, up another 1.14% on the daily chart.
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