Liquid Capital founder JackYi said cryptocurrency markets fell on Saturday amid the Jensen Huang event and expectations of a decline in U.S. stocks, adding that a further 30% drop in U.S. equities would not be unusual. According to Foresight News, he said investors should not rush to call a bottom while the situation remains unclear.

JackYi said that after Bitcoin pulled back from $86,000, he had identified $79,000, $75,000, and $71,000 as key levels and bought as the price moved above $77,000. He said Bitcoin’s structure suggested potential for a substantial rebound, but he took profits and sold most of his holdings as U.S. stocks plunged, keeping a small amount of spot Bitcoin.

He said the market’s direction now depends on U.S. stocks and that he is very pessimistic about Jensen Huang’s return and the outlook for equities. As a result, he is not optimistic about short-term dip buying.