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.
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$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.
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