Bitcoin Bearish Outlook: Calacanis Favors AI as ETF Flows Shift

| unchainedcrypto.com
Investor and All-In podcast co-host Jason Calacanis warned that Bitcoin could face a “brutal year” and urged holders to shift funds toward artificial intelligence. He forecast a retest of $57,000 within 12 months, said Bitcoin would never reach another all-time high, and predicted continued spot Bitcoin ETF outflows. Calacanis also disclosed a bullish position in Bittensor (TAO), citing its focus on expanding AI. Bitcoin traded near $79,787 on October 27, about 37% below its October 2025 record of $126,080. Its lowest daily reading in the previous year was around $58,566. US spot Bitcoin ETFs had net outflows of about $202.1 million in October through October 26, but flows were uneven: after roughly $774 million left over two days, ETFs recorded about $110 million in inflows on Monday. Galaxy Research offered a more positive counterpoint, saying the bear market may have ended in June and that easing selling pressure could create an accumulation opportunity. Calacanis’s forecast is personal opinion, not proof of a fundamental shift in Bitcoin.
Bearish
Calacanis’s call to sell Bitcoin, his $57,000 retest forecast and prediction of no new all-time high could weigh on sentiment and encourage short-term selling, particularly among traders already concerned about ETF outflows. However, the reported flows are mixed: October’s net outflows were followed by a sizeable inflow day, so they do not establish a consistent acceleration in selling. Galaxy Research’s view that the bear market may have ended and that reduced selling could support accumulation also counters the bearish narrative. In the short term, Bitcoin may remain sensitive to ETF flow data and reactions around key price levels; in the longer term, one investor’s forecast is not a fundamental signal, and price direction will depend on broader demand, market liquidity and sustained flows. Overall, the comments add bearish sentiment, but the evidence presented does not confirm a lasting deterioration in Bitcoin’s market structure.