Bitcoin Dumps Below $97K—Dragonfly Calls It the ‘Easiest Bear Market’

Key Takeaways

• Bitcoin fell below $97,000 on Friday morning.
• The cryptocurrency has now properly broken through the $100,000 floor.
• Dragonfly Capital partner Haseeb Qureshi reminded investors that previous bear markets were worse.

Having been on a continuous downslide since Monday, Nov. 10, in the past 24 hours, Bitcoin (BTC) has assertively fallen below $100,000—a key psychological threshold.

However, with BTC trading between $96,000 and $97,000 at the time of writing and more losses expected on the horizon, Dragonfly Capital partner Haseeb Qureshi reminded investors that things could and have been much worse.

$100,000 Floor Crumbles

Although BTC briefly dipped below $100,000 on Nov. 7, sustained trading below this level is more significant, representing the collapse of a crucial support level.

The breach underscores how quickly sentiment can shift.

Barely a month has passed since Bitcoin reached an all-time high price of over $126,000 on Oct. 6.

Since then, the flagship asset has crashed nearly 24%. 

However, recent losses are far from the worst investors have experienced.

For instance, in June 2022, the BTC market slumped more than 37% in a broad selloff that prompted the collapse of a string of major crypto businesses.

‘We’ll be Fine,’ Says Dragonfly Chief

Recalling the 2022 bear market, Qureshi offered a note of calm in a sea of panic.

“This is the easiest bear market I’ve ever seen,” he stated on X .

“Seems like most of you have forgotten what 2022 was like. Luna collapsing, then 3AC, then FTX, then Genesis, BlockFi, Axie, NFTs — pretty much everything felt like a house of cards.”

Qureshi’s advice this time around? “Relax, get something to eat. Lock in.”

 “We’ll be fine,” Dragonfly Capital’s managing partner insisted.