Bitcoin and the crypto market are in a bear market phase. How serious the situation really is and when prices might recover — 50 crypto industry experts weigh in.
The Bitcoin bear market is testing the patience of many investors. Sentiment across the crypto sector has noticeably soured, and a growing number of participants are asking the same question: when will prices finally turn around for good? To find out, we surveyed 55 crypto insiders, gathering their market assessments, Bitcoin price forecasts, and views on how artificial intelligence and AI agents could impact the crypto sector.
Waiting for the Catalyst
André Dragosch, Director and Head of Research at crypto ETF and ETP provider Bitwise, believes most of the bad news is already priced in: "The good news is that after this 50% correction in Bitcoin, most of the 'bad news' is probably already priced in. We're essentially just waiting for the 'good news' that will act as the catalyst for the next bull market." For Dragosch, the source of that impulse is clear: "I suspect it will come from central banks." Until then, however, the ride will remain bumpy.
David Kurz from Dutch crypto exchange Bitvavo takes a similarly cautious view: "In my opinion, the point of 'maximum pain' has not yet been fully reached." At the same time, he says, the next phase is already unfolding in the background: "Institutional adoption and infrastructure development are advancing continuously." On the corporate side, Kurz expects a tangible shift: "We will increasingly see traditional companies significantly adjusting their stance toward crypto — in some cases making complete strategic U-turns."
Macro Beats Chart Analysis
Dietmar Schantl-Ransdorf from Bitpanda Wealth focuses on the macroeconomic foundation: "Macroeconomics beats chart analysis: the real drivers of Bitcoin right now are geopolitical conflicts and global liquidity." From this he draws a clear conclusion: "Those who can withstand the inevitable news-driven pullbacks will find strategic entry points for the medium-term uptrend."
Andreas Lipkow, a long-standing market commentator and Chief Market Analyst at broker CMC Markets, describes the situation as ambivalent: "The crypto market is currently caught between a rock and a hard place." On one hand, the sector has often managed to position itself as a "safe haven"; on the other, it is suffering from the sell-off in technology-heavy assets. The real test is still ahead: "The coming trading months will show whether the major established cryptocurrencies can push to the forefront amid technological change."
Nils von Schoenaich-Carolath, Chief Growth Officer at investment bank tradias, sees the market at a structural inflection point: "The crypto market is increasingly entering a phase where it's not just growth and speed that matter, but solid infrastructure, regulatory compatibility, and operational quality."
Bitcoin's Bottom Is In
Alex von Frankenberg, Bitcoin enthusiast and former managing director of the High-Tech Gründerfonds, is convinced the worst is behind us: "In my view, the bear market bottom was reached in early February at $60,000." He sees the drivers of the next cycle as "growing institutional adoption, significantly broader retail access, and possibly the first purchases by major central banks."
Mauro Casellini, Chief Growth Officer of the newly founded Celsion Bank in Liechtenstein, offers his own assessment: "The market is clearly in a bear phase — volumes and sentiment are subdued." What matters most, he argues, is what is being built right now: "Those who use this phase to develop infrastructure, regulatory frameworks, and product substance — rather than chasing short-term impulses — will be structurally ahead in the next cycle."
Michael Geike, Managing Partner at crypto fund 21 Oaks Capital, describes the moment as "a classic mid-cycle phase: short-term under pressure, but structurally stronger than ever." His two-part conclusion: "The current situation is 'normal' — the outlook, however, is clearly positive."
Crypto entrepreneur Michael Wild (Depositly.io) remains "constructive but not euphoric" on the market, seeing the industry transitioning into a more mature phase "where real infrastructure, regulation, distribution, and sustainable business models matter more than pure narratives."
Berthold Baurek-Karlic, founder of Venionaire Capital, keeps hope alive for a macroeconomic breakthrough: "A calming of the geopolitical situation could trigger a fireworks display across markets."
Bitcoin Pulls Ahead — Altcoins Fight to Survive
Florian Döhnert-Breyer, Managing Director at crypto fund F5 Crypto Capital, identifies a fundamental divergence in the altcoin market: "Protocols with real revenues and buyback or burn mechanisms are increasingly decoupling from the broader altcoin market — Hyperliquid being the most prominent example." The implication: "Fundamentals are finally becoming price-relevant. For investors, this means active management is regaining importance in crypto."
Regulatory Catalysts and US Policy
Several experts highlight the market's dependence on Washington. Mirco Recksiek, founder of bitcoin-2go, sees the Clarity Act not as the trigger for the next bull run, but as "the foundation for further growth and more positive markets in the future." Ed Prinz (neob.ai) and Lutz Wengorz (Agitarex) describe a phase of disciplined maturity: Bitcoin is increasingly acting as a "highly sensitive indicator of global liquidity," while the broader altcoin market will only take off "when macro, liquidity, and regulation all turn favorable simultaneously."
Albert Quehenberger (AQ Forensics) is counting on an influx of trust and capital when the US provides greater regulatory clarity. Moritz Schwarzmann (Web3 Factory) views the consolidation as "healthier than it feels in the daily noise" — partly thanks to MiCA and the GENIUS Act. Markus Hujara (Greenfield Capital) distills the mood into a memorable phrase: "What we are experiencing right now is not hype without substance — it's substance (for now) without hype."
Sascha Grumbach (Green Mining DAO) draws a clear conclusion from the bear market: "This is the Bitcoin market, not the crypto market. 'Crypto companies' will increasingly disappear, while Bitcoin companies will prevail." Daniel Winklhammer (21bitcoin) echoes this view: the divergence between speculative altcoins and Bitcoin is a structural feature of the current market phase. Institutional investors are no longer entering "crypto" — they are targeting Bitcoin specifically. MiCAR is only accelerating this consolidation.
Bear Markets Are for Building
Daniela Bobak from the Blockchain Bundesverband sums up the industry mood in a single phrase: "Bear market is building time." The momentum is there — "perhaps less visible in the market price, but all the more present in substance."
Matthias Steger points to the supply-side dynamics of miners. Chris Sedor (Bitsurance) and Hermann Elendner (F5 Crypto) assess the situation from security and research perspectives. Oliver Krause (Untitled INC) captures the ambivalence of the moment precisely: "Long term bullish, short term major risk of a FTX-style setback." That tension — between structural maturation and the short-term risk of a new trust crisis — may be the best description of the months ahead.
