Bitcoin has collapsed by more than 10% after Trump announced 100% tariffs on Chinese goods. The scale of liquidations surpassed all previous records — $19.31 billion in one day. This is more than ten times the losses during the COVID-19 crash ($1.2 billion) and the FTX bankruptcy ($1.6 billion).
But while most investors are panicking, crypto trader Alex Becker states: selling now is the worst decision one can make.
Panic as an indicator of the beginning of a bull market
I believe that with very high probability this is the beginning of a bull market, Becker said in a video published on YouTube. Jan3 founder Samson Mow expressed a similar sentiment on social media X: It's time for the next bitcoin surge.
According to Becker, the crash on October 10 was an excessive market reaction that simply 'reset everything.' Traders had been watching bitcoin rise for a whole year while the rest of the cryptocurrency market stagnated. This drove investors to a boiling point.
I think this will change soon. People have gone mad, and did you see how market makers just pull the levers up and down? Becker explained. He added that the actions of market makers trigger a market reaction that is three to four times stronger than expected, because traders are not ready to patiently wait a couple of months for the desired profit.
The short-term forecast remains positive
On October 7, bitcoin reached a new high of $125,100, however, this is still far from the forecasts of $250,000 by the end of the year made by figures such as Tom Lee from Fundstrat and BitMEX founder Arthur Hayes.
Crypto analyst Benjamin Cowen shares Becker's optimism. I still believe that in the short term it will continue to grow, Cowen said about bitcoin, noting that bitcoin's dominance has again reached 60%.
The industry as a whole is more skeptical. The cryptocurrency market's fear and greed index, which measures overall market sentiment, currently shows 'extreme fear' at a level of 24 points.
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