Bearish sentiment is intensifying as critics question Bitcoin’s fundamental value.
Chain and technical signals point to increased downside risk.
Bulls argue that fundamentals remain intact despite near-term weakness.
Bitcoin’s dramatic drop in price has sparked bullish predictions about its long-term value, as some of its harshest critics warn it could soon become “worthless.”
Its recent decline has also unsettled some analysts, who point to a substantial breakdown of the price structure that has supported the rally since early 2024, with some arguing that it has entered bear market territory.
As prices fall, bearish voices have become increasingly vocal.
A major Bitcoin influencer known as Mr. Bitcoin Whale wrote on X that his belief in the asset has weakened dramatically.
“I’m starting to feel that Bitcoin may eventually become worthless,” he said.
Meanwhile, longtime Bitcoin critic Jacob King echoed that sentiment, dismissing bullish price narratives surrounding the recession.
“Bitcoiners say everything is ‘good for Bitcoin’, but it keeps falling to yearly lows,” King wrote.
Several analysts recently framed the 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 were to be asked to blame anyone for the bear market, it would be the treasury companies,” Moreno said.
Market commentary The Kobeissi Letter said the current cycle could remain bearish until 2026.
Despite the recession, some industry leaders remained optimistic, arguing that macroeconomic uncertainty could ultimately benefit digital assets.
CZ, the founder of Binance, said global risk dynamics tend to favor traditional safe havens first, before spilling over into alternative assets.
“Global tensions are causing more money to flow into ‘safe assets’ like gold and silver in the first place,” CZ said.
Meanwhile, famed trader and bull Mike Alfred said he believes there will be a rebound and steady growth through June.
“On Bitcoin, I’m looking for another touch above $75,600 to set up a bigger drop before a return to $80,000+,” he wrote on X.
Mike Alfred remains bullish on Bitcoin. | Source: Bitcoin
“If we drop to $74,000, I want to stack some bids. I think we have a few days to 1-2 weeks of downside before we go, go, go, up, up until May/June. Come to me.”
Joel Kruger, market strategist at LMAX Group, told CCN that Bitcoin’s broader fundamentals remain intact even as prices pull back.
“Looking ahead, the fundamental backdrop remains highly encouraging: structural adoption continues to deepen, infrastructure continues to improve, and long-term demand drivers are firmly intact,” he said.
Technically, Kruger said the pullback could bring Bitcoin closer to levels that could attract long-term investors.
“From a technical perspective, the recent pullback brings prices closer to attractive levels, with strong support concentrated in the $70,000 area, where we expect medium and long-term participants to become increasingly active, setting the stage for an eventual stabilization and recovery.”
According to Victor Olanrewaju, an analyst at CCN, Bitcoin could be entering a bear market.
In a recent report, Olanrewaju said that Bitcoin has fallen below the average true market value for the first time in almost three years, a development that he described as historically significant.
“This move matters. Historically, the true market average acts as a point of gravity for price during bullish and bearish 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 goes lower, downside volatility usually increases,” he said, adding that in previous cycles, sustained trading below the market’s true value “preceded extended pullbacks or long consolidation phases.”
Bitcoin is also trading below its near-term price hit, a sign that recent buyers are taking losses, increasing the likelihood that rallies will be sold.
“As a result, rallies risk being sold off, limiting short-term upside momentum,” Olanrewaju said.
However, he noted that long-term holders are largely staying in the profit.
“BTC price remains above long-term realized price. This suggests experienced holders are still in profit and not capitulating en masse,” he wrote.
However, Olanrewaju warned that the loss of the market’s True Average has shifted the balance of risk.
“The current position indicates that the cryptocurrency is unlikely to recover,” he said.
Will Bitcoin Post Become ‘Worthless’? Bear outlook rises amid market downturn appeared first on ccn.com.
