Bitcoin (BTC) Crash Is ‘Flighty’ Compared to 2022 Carnage, Claims Dragonfly’s Qureshi

Haseeb Qureshi called this the “easiest bear market ever” and reminded traders of the forgotten horrors of 2022.

Bitcoin plunged 7% over the past 24 hours, falling to $96,000 in early Asian trading on Friday, leaving investors scrambling for explanations.

But Dragonfly Managing Partner Haseeb Qureshi struck a confident tone.

Crypto Downturn Overhyped?

In a post on

Qureshi noted that the contagion even spread to the banking sector after the industry-wide eradication, that stablecoins briefly lost their footing and that regulators increased their efforts to control crypto companies. Against that backdrop, Qureshi described today’s pullback as “the easiest bear market” he has ever experienced. Despite the price weakness, he added that the core fundamentals of crypto assets remain strong and the ecosystem continues to function as intended.

“Prices are down, yeah, whatever. The fundamentals are great. Crypto works. So relax, get something to eat. Buckle up. You’ll be fine.”

Looking at on-chain flows, data shared by Swissblock shows a sharp rise in stablecoin dominance as Bitcoin fell below $100,000, meaning capital is not leaving the market, but moving to the sidelines. The platform noted that there has been no panic rotation into BTC; instead, purchasing power accumulates in stablecoins, reflecting a classic “dry powder” buildup ahead of potential deployment.

Bitcoin is currently trying to defend the crucial range of $97,000-$98,500. According to Swissblock, sidelined liquidity typically flows back into BTC under two conditions: a capitulation towards the $95,000 level, or a clear stabilization phase where Bitcoin regains and holds the $100,000 threshold.

First big support

With the focus on downside risk, crypto analyst Doctor Profit’s earlier warning about Bitcoin’s key “Golden Line” near $99,200 seems accurate as BTC trades around $96,800. He had said a weekly close below this level could signal a loss of bullish momentum, although strong selling pressure would be needed.

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After the recent dip, Doctor Profit tweeted that the first target in the $90,000-$94,000 range is “on the verge of being achieved,” suggesting more downsides could follow.