Bitcoin’s current price drop has brought back all the doubters to use this opportunity to give their harsh opinions. The largest cryptocurrency in the world has dropped from its peak price from its early-2024 highs, which has resulted in more aggressive bearish forecasts that have become increasingly negative, and has ultimately developed into total destructive predictions.
Market analysts now use the term “worthless”, which was once used to exist only in crypto comment sections, to describe cryptocurrencies as a valid market assessment.
Bears Take the Stage
Critics of Bitcoin have begun their attack against the cryptocurrency since its market prices have started to decrease. A major social media personality who is known as Mr. Bitcoin Whale, explained on X that his faith in the asset has diminished, because he cannot find any reasons to maintain his investment.
“I’m beginning to feel like Bitcoin could eventually become worthless. Right now, I genuinely can’t find a strong reason why anyone would choose to keep holding it”.
Longtime Bitcoin critic Jacob King was even more blunt, where he dismissed the idea that every downturn is somehow bullish. The price of Bitcoin has decreased to the point where people believe that his statement “everything is good for Bitcoin” has become less credible, which matches the current situation. He said,
“Bitcoiners say literally everything is ‘good for Bitcoin’ yet it keeps plunging to yearly lows. Reality: Bitcoin has no value. Don’t get sucked into the ponzi by this scammers”.
Analysts Warn of Bear-Market Territory
Analysts have also raised warnings through social media platforms. Head of research at CryptoQuant, Julio Moreno, held responsible the corporate treasury strategies for twisting real demand, along with arguing that financial engineering replaced genuine spot buying, and ultimately destroyed value.
He said,
“If I was asked to blame someone for the bear market it would be treasury companies. They diverted demand from real spot Bitcoin and then destroyed all that value”.
The Kobeissi Letter local market analysis company, predicted that the current market phase will maintain its bearish trend until 2026, which investors find unacceptable because they prefer to see time periods divided into quarters.
Bulls Push Back
A group of believers still supports Bitcoin at this time. Changpeng Zhao, the founder of Binance, explained that people usually invest their money in traditional safe assets whenever they experience global market instability, which then allows alternative investments to thrive afterwards.
He said,
“Global tensions cause more money to flow into ‘safe assets’ like gold and silver first. Then they find out those are not as stable as they thought. Now is the best time to educate people about crypto”.
Mike Alfred, who is a trader, shared his positive outlook, which included a prediction about market declines followed by a spring and summer recovery with specific price targets and the unique confidence, which only cryptocurrency traders possess.
He posted on X,
“On Bitcoin I’m looking for one more tap above $75,600 to put in a higher lower before we return to $80,000+. If we break lower to $74,000, I want to stack some bids. I think we’ve got a few days up to 1-2 weeks of downside before go, go, go, up, up, up until May/June. Come at me”.
Technical Analyst Caution
Market analysis has reached a point where the analysts now show warning signs. The CCN report from Victor Olanrewaju shows that Bitcoin has dropped below its True Market Mean point for the first time in nearly three years, which uses this pattern to predict increased price fluctuations.
He said,
“This move matters. Historically, the True Market Mean acts as a gravity point for price during bull and bear transitions. When it breaks below, downside volatility usually increases. In previous cycles, sustained trading below the True Market Mean preceded extended drawdowns or long consolidation phases.”
Bitcoin now trades below its short-term holder realized price, which indicates that recent investors face losses and will probably sell during price increases, which will limit their short-term potential. The situation shows that long-term holders still make profits, which indicates that market panic has not yet affected all investors.
“As a result, rallies risk being sold into, limiting upside momentum in the near term. The BTC price remains above the long-term Realized Price. That suggests seasoned holders are still in profit and not capitulating en masse. The current position indicates that the cryptocurrency is unlikely to reclaim it. If that is the case, Bitcoin’s price risks an extended correction, possibly moving the coin into a bear market”.
Bottom Line
Bitcoin has reached the point of death more often than other assets experience their complete trading history, but it continues to return as a topic of discussion. The market currently shows persistent bearish trends, along with strong technical obstacles, yet the gap between present market anxiety and future market confidence remains unchanged.
The current decline may either begin a new bear market for Bitcoin or represent another episode in the cryptocurrency’s volatile history, which people continue to study, but Bitcoin value is far from being worthless.
