Calacanis predicts Bitcoin hits $57,000, urges AI pivot

He stated that Bitcoin will fall to $57,000 within the next twelve months and will never achieve another record high. This projection comes as Bitcoin traded near $79,600 on Tuesday, according to CoinDesk data, which is roughly 28% above the predicted low.

Calacanis argued that investors should question why they would commit resources to a "dead network that offers nothing beyond a store of value." He emphasized that outflows from Bitcoin exchange-traded funds serve as a signal that selling pressure will persist.

He noted that these ETFs saw losses totaling about $774 million across Thursday and Friday, although Monday saw a return of $110 million. Calacanis suggested that Bitcoin has "lost the crowd" that once made owning it feel obligatory, allowing investors to ignore it without facing ridicule.

Instead, he directs attention to AI, claiming it offers more tangible utility. He advised followers to "Just sell and shift from Bitcoin to Super Intelligence."

His conviction in AI is reflected in his continued investment in TAO, the token backing Bittensor. This network rewards participants for supplying services like computing power, storage, and AI responses.

In a follow-up statement, Calacanis affirmed his position, writing, "I am long $TAO and love bittensor’s focus on scaling AI." He highlighted that while crypto left ordinary people wondering about its practical use, AI provided immediate utility.

Why it matters

This commentary signals a significant shift in sentiment among influential figures, suggesting a potential pullback for Bitcoin. Readers should monitor ETF flows and Calacanis's continued focus on AI infrastructure tokens for potential market direction.