Bitcoin’s dramatic price decline has sparked aggressive bearish predictions about its long-term value, as some of its harshest critics warn it could soon become “worthless.”
Its recent drop has also unsettled some analysts, who highlight a substantial breakdown in the price structure that had supported the rally since early 2024, with some claiming it has entered bear-market territory.
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Meanwhile, long-time Bitcoin critic Jacob King echoed that sentiment, dismissing bullish price narratives surrounding the downturn.
“Bitcoiners say literally everything is ‘good for Bitcoin’ yet it keeps plunging to yearly lows,” King wrote.
“Reality: Bitcoin has no value. Don’t get sucked into the ponzi by this scammers.”
Several analysts have also framed the recent decline as confirmation of a broader bear market.
Julio Moreno, head of research at CryptoQuant, pointed to corporate treasury strategies as a key driver of the downturn.
“If I was asked to blame someone for the bear market it would be treasury companies,” Moreno said.
“They diverted demand from real spot Bitcoin and then destroyed all that value.”
Market commentary outlet The Kobeissi Letter said the current cycle could remain bearish through 2026.
Bulls Remain, Citing Long-Term Case
Despite the downturn, some industry leaders have remained optimistic, arguing that macroeconomic uncertainty could ultimately benefit digital assets.
CZ, founder of Binance, said global risk dynamics tend to favor traditional safe havens first, before spilling over into alternative assets.
“Global tensions cause more money to flow into ‘safe assets’ like gold and silver first,” CZ said.
“Then they find out those are not as stable as they thought. Now is the best time to educate people about crypto.”
Meanwhile, famed trader and bull Mike Alfred said he believed there will be a rebound and consistent growth until June.
“On Bitcoin I’m looking for one more tap above $75,600 to put in a higher lower before we return to $80,000+,” he wrote on X.
Mike Alfred is remaining bullish on Bitcoin. | Source: Bitcoin
“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.”
Joel Kruger, markets strategist at LMAX Group, told CCN that Bitcoin’s broader fundamentals remain intact, even as prices retreat.
“Looking ahead, the fundamental backdrop remains highly encouraging: structural adoption continues to deepen, infrastructure keeps improving, and long-term demand drivers are firmly intact,” he said.
From a technical standpoint, Kruger said the pullback may be drawing Bitcoin closer to levels that could attract longer-term investors.
“From a technical perspective, the recent drawdown is bringing price closer to attractive levels, with strong support clustered toward the $70,000 area, where we expect medium- and longer-term participants to become increasingly active, setting the stage for eventual stabilisation and recovery.”
Bitcoin Price Under Pressure
According to Victor Olanrewaju, an analyst at CCN, Bitcoin could be entering a bear market.
In a recent report, Olanrewaju said Bitcoin has fallen below its True Market Mean for the first time in nearly three years, a development he described as historically significant.
“This move matters. Historically, the True Market Mean acts as a gravity point for price during bull and bear transitions,” Olanrewaju wrote in a recent report.
He noted that when Bitcoin trades below this level, downside volatility tends to increase.
BTC True Market Mean | Credit: Glassnode.
“When it breaks below, downside volatility usually increases,” he said, adding that in previous cycles, sustained trading below the True Market Mean “preceded extended drawdowns or long consolidation phases.”
Bitcoin is also trading below the short-term holder realized price, a sign that recent buyers are sitting on losses, increasing the likelihood that rallies will be sold into.
“As a result, rallies risk being sold into, limiting upside momentum in the near term,” Olanrewaju said.
However, he noted that longer-term holders remain largely in profit.
“The BTC price remains above the long-term Realized Price. That suggests seasoned holders are still in profit and not capitulating en masse,” he wrote.
Still, Olanrewaju warned that the loss of the True Market Mean has shifted the balance of risk.
“The current position indicates that the cryptocurrency is unlikely to reclaim it,” he said.
“If that is the case, Bitcoin’s price risks an extended correction, possibly moving the coin into a bear market.”
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
