Crypto markets have hemorrhaged around a trillion dollars over the past month in the largest panic-induced retail sell-off since the COVID pandemic. However, market analysts remain confident that the bull market will continue, and we have not entered a bear market yet.
Analyst ‘Sykodelic’ echoed the sentiment, opining that over the next month, “we are going to climb the biggest wall of worry that has ever existed in crypto.”
“It should be clear by now that we are in a market position like 2019, not 2021,” they added. “We are just not in the liquidity/macro environment to enter a prolonged contraction or bear.”
Echoes of Pandemic Crash
MN Fund founder Michaël van de Poppe commented that the recent crash reminded him of the COVID market meltdown in 2020.
“People expected to see another test at the lows, actually, during these times, lower lows were also expected in the COVID crash, it never happened,” he said. “The higher Bitcoin goes during these 1-2 weeks, the lower the chance of that low to happen again.”
Bitcoin slumped more than 50% in March 2020 when the world locked down during the pandemic. However, it surged to a new all-time high by the end of that year.
Meanwhile, ‘Altcoin Alf’ said it was time for markets to perform, noting Tether (USDT) dominance, which usually leads to rotation into crypto assets.
“I truly believe we are about to start a massive run that most are not positioned for. BTC to ATH’s, but I expect ALTS to finally outperform.”
Every time $USDT.D has had a weekly stochastic cross down for the last 28 months is when we had a rally.
Markets also hate having built up equal lows. We just swept the liquidity up the top. Which leads me to believe the next target is the equal lows.
I truly believe we are… pic.twitter.com/E8vevrM8VB
— Altcoin Alf (@alfy11116) November 25, 2025
Crypto commentator ‘Colin Talks Crypto’ wasn’t as bullish, stating that “enough bear market signals have triggered,” but remaining hopeful that there is “one last leg up.”
BTC Price Outlook
Bitcoin has continued its recovery today, hitting an intraday high of just over $89,000 on Monday, before cooling during the Tuesday morning Asian trading session, where it was hovering around $88,000.
It has gained 8.5% since it bottomed on Friday, but has a long way to go to reverse the almost two-month down trend.
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