Bitcoin’s price crashed hard in the past week, losing over twenty grand in just days and dropping to the lowest levels since mid-November 2024.
Such a substantial price decline naturally brings the question of whether this is just another ‘normal’ dip or whether the bull market has been cut short.
End of Bull Market Narrative
Who else can lead the ‘end of the bull market’ sentiment other than the permanent BTC bear – Peter Schiff? After all, he uses every opportunity to bash the asset, even if it’s charting massive gains and outperforming his favorite asset – gold. So, what would he do when bitcoin’s price is tumbling – that’s right, go on a bashing spree?
In his latest barrage against the largest cryptocurrency, he advised people to move away from its ‘bear market rally’ and join the ‘bull market rally’ in gold as both headed in different directions on Friday. BTC finally bounced off after several days of consecutive declines and went from the aforementioned multi-month low to $84,000-$86,000. In contrast, the precious metal retracted to under $2,850.
Bitcoin rallied back from below $79K to above $84K. Meanwhile gold corrected from above $2,950 to below $2,850. This is a great opportunity to use Bitpay to sell the bear market rally in Bitcoin and buy the bull market dip in gold. https://t.co/P21SuYSUub
— Peter Schiff (@PeterSchiff) February 28, 2025
Although he’s always pessimistic, Schiff’s words are not without merit. Aside from the dropping BTC price, the network behind the asset has seen a substantial decline in terms of activity and even hash rate and mining difficulty in the past few weeks.
All of those, combined with the growing number of ETF outflows in the States, as well as Trump’s controversial policies, have led many to question whether the curtain has closed on this cycle’s bull run.
Even February betrayed BTC. A historically bullish month, especially after a halving year, has brought tons of gains for the asset. However, February 2025 turned out to be the worst for BTC’s price in over a decade.
The Not-So-Fast Narrative
BTC is known for its highly volatile price moves in both directions. It has a long history of going down by double-digits after an explosive rally, and many argued that there wasn’t a real correction during this cycle, although it dipped toward $90,000 on a couple of occasions after it peaked above $100,000.
In fact, even the one that brought it to $78,000 on Friday, which is a 28% drop from the all-time high in January, is not that violent compared to previous crashes.
List of Bitcoin corrections in the run-up to $20k in 2017:
-41%
-38%
-29%
-34%
-41%
-40%
-27%List of Bitcoin corrections in the run-up to $69k in 2021:
-21%
-17%
-31%
-26%
-55% (!!)
-25%— matthew sigel, recovering CFA (@matthew_sigel) February 28, 2025
Consequently, bitcoin OGs like Adam Back noted that such dips are ‘normal’ in bull markets and advised people to ‘zoom out.’ Crypto Rover told his 1.1 million followers that if they had survived this dip, they would ‘get rich.’ One analyst even outlined a highly bullish target of almost $300,000.
My #Bitcoin bull market price target is $280,000! pic.twitter.com/JfXqpZ4iCX
— CryptoGoos (@crypto_goos) February 25, 2025
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
