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Bitcoin is approaching "very shaky ground," said renowned author and educator Saifedean Ammous.
He noted during his appearance on the Coin Stories podcast on June 3 that this round of the Bitcoin bull market is nearing its end.
Bitcoin Bull Market Gains "Cannot Be Underestimated"
Despite the entry of institutions and changes in market structure, Saifedean Ammous believes that Bitcoin is not far from the next bear market.
When discussing phenomena such as institutional buyers and corporate financial allocations, he emphasized that regardless of how mature the market is, BTC/USD could still plummet by 80% when it falls from the bull market peak.
He told host Natalie Brunell on the show, "I hope everyone in this industry understands that Bitcoin has previously dropped 70% to 80%, and it could happen again in the future."
"If your business model cannot withstand an 80% pullback in Bitcoin, you should redesign your business model now. Because I believe we are approaching a very unstable area at the top, and the drop from there will not be small."
Ammous explained that in past price cycles, Bitcoin's long-term peaks typically occur "between one year to eighteen months" after the last block reward halving event.
While he accepts that BTC/USD could still reach $200,000 or even higher in this cycle, he also pointed out that the increase from the low to the current price has exceeded 600%.
"From the bottom, we have risen from $15,000 to $109,000—this increase cannot be underestimated," he added.
Bitcoin Corporate Financial Strategies Under Scrutiny
Ammous's comments come as more and more companies choose to include Bitcoin on their balance sheets.
This trend has extended beyond the United States; for example, the Paris-based crypto company Blockchain Group purchased $68 million worth of Bitcoin this week, bringing its total holdings close to 1,500 Bitcoins.
Similar to Ammous's views, well-known Bitcoin commentator Max Keiser also questioned whether new players in the industry can withstand the severe volatility common in Bitcoin bear markets.
"These 'strategy replicators' have not yet been tested by a bear market. Saylor has never sold, even when his BTC position was at a loss; he just keeps accumulating," he wrote on the X platform while commenting on the purchasing strategy of Strategy, the largest Bitcoin-holding company globally. "To think that those new Bitcoin financial strategy replicators can maintain the same discipline is a foolish idea."
Meanwhile, predictions for Bitcoin's price remain inconsistent, with targets of $200,000 or even higher still very popular for 2025.
Related: Bitcoin (BTC) miners sued in U.S. court over cryptographic patents
This article does not constitute investment advice. Any investment and trading activities carry risks, and readers should conduct thorough research before making decisions.
Original article: “Bitcoin (BTC) Approaches New Highs, Ammous Warns Its 'Foundation Is Very Shaky'”
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