Crypto trader Ansem has turned bearish on Bitcoin (BTC) and Ethereum (ETH). He warns that both assets broke their mid-timeframe trend and could slide faster below $82,000 and $2,400.

Ansem also says being bullish onchain has become a contrarian position. In his view, sentiment is the worst he has seen in roughly nine years, and Bitcoin and ETH holders could face a deeper pullback.

Why Ansem Turned Bearish on Bitcoin Now

Ansem bases his call largely on stock market technicals. In his view, AI momentum stocks printed a parabolic blow-off top, a steep final surge that often marks the end of a rally. A lower high and a broken trend followed.

Meanwhile, he says even the largest tech names are stalling at all-time highs. He adds that a recent breakout in the Invesco QQQ, a fund that tracks the Nasdaq 100, has turned into a failed move above prior highs.

Ansem. Source: X

He also questions where the next wave of AI revenue will come from. He argues that heavy spending on model training has yet to lift profits in a meaningful way, and he points to Meta’s post-earnings selloff as an example.

Headline risk adds more pressure. The Federal Reserve announces its rate decision on October 28, in a packed Fed week that also brings major earnings reports.

Crypto analyst Benjamin Cowen has also laid out a bearish Q4 roadmap for Bitcoin.

Bitcoin Price Performance. Source: BeInCrypto

Can Onchain Builders Lift the Mood?

Still, Ansem is not bearish on Bitcoin over the longer term. He expects a pullback first and then a move higher.

The crypto trader also expects heavy volatility in both directions through the fourth quarter. Even so, he believes parts of the onchain market could still do well.

Ansem saves his sharpest criticism for Crypto Twitter itself. Traders complain about lower price ceilings on tokens, he says, while too few people build protocols that could change that.

Ansem. Source: X

His optimism on select tokens matches his August call, when Ansem predicted that Pump.fun’s token could join crypto’s top 10 by 2028.

For now, Ansem is bearish on Bitcoin but still sees room for some onchain projects. In his view, tokens will only break through lower price ceilings if builders put in the work to ship protocols worth owning.

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