Calling this the “easiest bear market ever,” Haseeb Qureshi reminded traders of the forgotten horrors of 2022.
Bitcoin tumbled 7% in the past 24 hours, dropping to $96,000 during early Asian trading on Friday, leaving investors scrambling for explanations.
But Dragonfly Managing Partner Haseeb Qureshi struck a confident tone.
Crypto Downturn Overhyped?
In a post on X, he argued that the current downturn is mild compared to the brutal conditions of 2022, while reminding investors of a period marked by cascading collapses, from Terra’s implosion to the failures of 3AC, FTX, Genesis, BlockFi, and even major NFT ecosystems.
Qureshi noted that after the industry-wide wipeout, the contagion even spread to the banking sector, stablecoins briefly lost their peg, and regulators intensified efforts to clamp down on crypto companies. Against that backdrop, Qureshi described today’s pullback as “the easiest bear market” he has ever experienced. Despite price weakness, he added that crypto asset’s core fundamentals remain strong and the ecosystem continues to function as intended.
“Prices have gone down, yeah, whatever. Fundamentals are great. Crypto is working. So relax, get something to eat. Lock in. We’ll be fine.”
Looking at on-chain flows, data shared by Swissblock shows a sharp rise in stablecoin dominance as Bitcoin slipped below $100,000, which means that capital is not exiting the market but moving to the sidelines. The platform noted that there has been no panic rotation into BTC; instead, buying power is accumulating in stablecoins, which reflected a classic “dry powder” buildup ahead of potential deployment.
Bitcoin is currently attempting to defend the crucial $97,000-$98,500 range. According to Swissblock, sidelined liquidity typically moves back into BTC under two conditions: a capitulation sweep toward the $95,000 level, or a clear stabilization phase in which Bitcoin reclaims and holds above the $100,000 threshold.
First Major Support
Focusing on the downside risk, however, crypto analyst Doctor Profit’s earlier warning about Bitcoin’s key “Golden Line” near $99,200 looks accurate as BTC trades around $96,800. He had said that a weekly close below this level could signal a loss of bullish momentum, though strong selling pressure would be needed.
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After the recent dip, Doctor Profit tweeted that the first target in the $90,000-$94,000 range is “about to be hit,” which indicates that more downside could come.
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