Bitcoin Could Drop to $38,000 if Bitmine Immersion Falters
BMNR•Investor Gary Cardone warns Bitcoin could plunge to $38,000 as sell-off deepens and says he would buy 1,000 Bitcoin at $55,000 to avoid overpaying. He cautions that if Ethereum and Bitmine Immersion Technologies fail this cycle, the fallout will suck the life out of Bitcoin.
1. Market Sell-Off Warning
Gary Cardone highlights that Bitcoin currently has more sellers than buyers and warns the sell-off could deepen to $38,000, a level he believes lacks legacy buyers.
2. BMNR Endurance Risk
Cardone points to Bitmine Immersion Technologies and Ethereum as critical to market stability, warning that failure of either could ‘suck the life out of Bitcoin’.
3. Capital Rotation to AI IPOs
He notes institutional capital is shifting out of crypto into upcoming AI IPOs such as SpaceX, OpenAI and Anthropic, reducing fresh inflows into digital assets.
4. Cardone’s Buying Approach
Cardone says he is done overpaying and would layer into the market by acquiring 1,000 Bitcoin at a $55,000 entry point rather than chasing current levels.
