The Crypto market crashes again on Feb. 5, with Bitcoin falling below the key $70,000 support area. At the same time, the total crypto market value has dropped to around $2.3 trillion, down from a previous peak above $4.2 trillion.
Roubini Predicts a “Cryptocurrency Apocalypse”
Economist Nouriel Roubini, often called “Dr. Doom,” says Bitcoin and many altcoins may keep sliding. He argues that real-world usage is still too low to hold prices up. He also notes that Bitcoin remains in a bearish phase while gold stays near record highs, even though many people promote Bitcoin as a safe-haven asset.
Critics Agree, But Bulls Still See Hope
Roubini isn’t the only one warning about more downside. Peter Schiff, a well-known gold supporter, continues to predict Bitcoin could trend lower over time.
Still, many crypto supporters say big drops are part of the normal cycle. They point to 2022, when Bitcoin fell more than 70% after major industry collapses.
What Could Trigger a Rebound
Some traders believe the market could bounce back in the coming weeks or months because:
- The Federal Reserve may keep cutting interest rates, which often supports risk assets.
- The Crypto Fear and Greed Index has fallen to 11 (extreme fear), a level that sometimes appears near market bottoms.
Technical signals also look stretched: the Relative Strength Index (RSI) for major coins like Bitcoin and Ethereum is deeply oversold, and indicators like Stochastics have also dropped into oversold territory—levels where rebounds often begin.
