Earlier on Friday, Bitcoin (BTC), the leading cryptocurrency in the market, retraced further toward the $94,500 mark, intensifying concerns about a potential bear market for the broader digital asset industry.
In light of this, Bitwise CEO Hunter Horsley made some thought-provoking remarks about the current market conditions, suggesting that a bear market cycle has been playing out for the past six months.
He pointed out that with the advent of Bitcoin exchange-traded funds (ETFs) and a new pro-crypto administration by President Trump, the landscape has evolved significantly.
“We’ve entered a new market structure,” Bitwise’s CEO explained, highlighting the introduction of new players and the changing reasons behind buying and selling behaviors.
“I think there’s a pretty good chance that we’ve been in a bear market for almost six months now and are almost through it,” he remarked, noting that the current market setup appears stronger than ever.
Other significant players, including Gemini (GEMI) Space Station and Bullish (BLSH), saw their stock prices decrease by 2%, while Coinbase’s (COIN) shares fell by 1%. Further, digital asset mining firm Bitmine Immersion Technologies traded 3% lower.
“People think Bitcoin is going to go down to $60,000 because of the four-year cycle and the token’s history of drops and corrections,” Siu explained. However, he believes that these institutions will view market downturns more as buying opportunities than signals for panic.
As of this writing, BTC has recovered the $96,750 line but is still recording losses of 4% over the past 24 hours and seven days.
Featured image from DALL-E, chart from TradingView.com
