The recent downturn in the cryptocurrency market, experienced on Friday, has led to speculation that this may herald the beginning of a new bull market. Trader Alex Becker suggests there’s a considerable possibility this could indeed be the case.

“I think there’s a very high chance this is the start of the bull market,” Becker stated in a YouTube video released Saturday. He cautioned against selling at this time, describing it as potentially the ‘stupidest’ action to take.

Supporting this, Jan3 founder Samson Mow shared on X that “it’s time for Bitcoin’s next leg up.”

The recent market drop saw Bitcoin (BTC) plummet over 10% to $102,000 following a 100% tariff announcement by Trump on China. This resulted in an unprecedented $19.31 billion in liquidations, far surpassing the previous worst effects noted during the COVID-19 crash and the FTX collapse.

Assessing the Situation

Despite the crash, Becker interpreted it as a massive overreaction, arguing it has reset the market dynamics.

“Everything they do to the market gets overreacted three to four times, because people won’t just f##king wait a couple months to get the gains they need to get.”

He attributed some of the sell-off to an unprecedented impatience among investors.

Price Predictions

Although Bitcoin experienced a surge to $125,100 recently, analysts have set ambitious year-end targets with predictions ranging up to $250,000 from notable figures in the crypto space.

Moreover, economist Timothy Peterson cautioned that Bitcoin may face a period of cooling off before its next surge, suggesting that it could take several weeks.

The prevalent sentiment across the industry appears to be one of skepticism, as indicated by the Crypto Fear & Greed Index showing an ‘Extreme Fear’ score of 24 in its latest update.