The crypto markets are currently witnessing a very turbulent phase and market sentiment is weakening as Bitcoin hovers around the $96,000 level.
The Crypto Fear & Greed Index has fallen to 16, indicating extreme fear. Traders are now wondering whether the bottom of the cycle has already been reached, or whether more downsides lie ahead.
However, some market voices argue that this is not the way bull markets end.
“Bull markets don’t end like this”
Ran NeunerAccording to crypto trader CNBC and founder of Crypto Banter, the current panic is misplaced.
He recalls living through many market cycles, including the dot-com crash of 2001, the housing crisis of 2008, and the great crypto cycles of 2017 and 2021. In all cases, bull markets only ended when something serious broke down in the economy or when people completely lost confidence in the asset.
He notes that in 2001, people began to doubt the Internet itself. In 2008, the entire financial system collapsed. In 2017, many believed that Bitcoin would never be accepted and in 2021, people thought all crypto was a scam and wondered if anything in crypto would ever work.
Why 2025 is different
But fast forward to 2025, the scenario is completely different.
Governments are now adopting Bitcoin, institutions are using blockchains and global markets are reaching record highs with even more liquidity flowing in. He notes that nothing major has been broken and that no government is currently in a position to tighten policy.
Although Bitcoin is down about 25%, he reminds traders that this type of correction is normal for Bitcoin cycles. However, sentiment is now extremely low. New investors are scared and financing rates have finally turned negative.
Neuner says traders are faced with a clear decision at this point. They can choose to trade the same market conditions that have historically created great opportunities, or they can continue to spread bearish sentiment.
This cycle is far from over
To complement this outlook, analyst Michael van de Poppe notes that the market’s recent ups and downs are nothing unusual. He notes that Bitcoin’s correction likely comes from a combination of factors, but that’s mainly because many traders are still clinging to the old idea of the four-year cycle and don’t believe that 2026 could be a strong bull year.
He states that this year has already been full of surprises and believes that 2026 could do the same. According to him, this crypto cycle is far from over.
CZ tries to calm the panic
Notably, major voices in the crypto space, including Binance’s CZ, have addressed growing concerns in the market. CZ reminded traders that panic arises during every dip, and said: “With every dip, some people think this is the end of times. Time passes.”
Short-term volatility ahead?
Trader James Wynn shared his short-term outlook for Bitcoin.
He expects a possible “weekend pump” aimed at a move towards the $101,000 – $103,000 range. However, he also warns that once Monday’s trading session begins, the market could turn lower again and fall back towards the $92K area.
While fear continues to dominate the market and there is short-term volatility, the current pullback does not mark the end of a bull market and the cycle may still have room to continue.
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