Bitcoin sentiment has rarely been this divided. The market is struggling, confidence is shaken, and price continues drifting lower. Bitcoin now trades near $80,000 after a steep 35% drawdown from the recent peak, and analysts on X are split between long-term catastrophe and long-term opportunity.
Two of the loudest voices represent opposite ends of that spectrum: Jacob King and MartyParty. Their arguments capture the emotional and structural tension running through the crypto market right now.
What you'll learn 👉
Jacob King: “This Is the Beginning of a Multi-Year Bear Market”
Jacob King, a well-followed market commentator, believes Bitcoin holders are ignoring reality. According to him, the current crypto crash is the start of a full-scale, multi-year bear market.
His thesis is blunt:
- Bitcoin has never crashed this hard and recovered into a bull market.
- The entire 2025 rally was artificially inflated.
- Bitcoin’s price relied on fraud, hype, and unsustainable narratives.
- Institutional products like spot ETFs will be forced to shut down.
- MicroStrategy could be forced to liquidate its holdings.
- Bitcoin may fall below $70,000, $60,000, $50,000, and even $10,000.
Bitcoin has never in its entire history crashed this hard and then recovered into a bull market.
— Jacob King (@JacobKinge) November 21, 2025
The maxis will cry and deny it all the way down to 10K and lower, but the truth is that Bitcoin is in a bear market.
It will drag on for multiple years, the entire bull run will be…
King argues that price action validates his warning. Every bounce is weaker, every breakdown is faster, and sentiment is deteriorating. He believes most holders remain in denial and that the worst losses are still ahead. In his view, the “digital gold” story failed, and a painful reset is inevitable.
Whether he’s right or not, his post reflects what many frustrated investors are feeling: exhaustion, disbelief, and a fear that this time really is different.
MartyParty: “Volatility Now, But A Strategic Reserve Later”
On the other side, analyst MartyParty sees the same price action and draws a completely different conclusion.
He believes Bitcoin isn’t collapsing — it’s being accumulated.
His framework unfolds across several years:
- 2025 is the accumulation phase designed to shake out weak hands.
- A major bond market crisis arrives in 2026.
- The U.S. eventually announces official Bitcoin and gold reserves.
- Bitcoin and gold get revalued dramatically higher.
- The dollar is intentionally devalued to reduce national debt.
My thesis remains in tact – Bitcoin and Gold will be used to devalue the debt by revaluation of hard assets.
— MartyParty (@martypartymusic) November 22, 2025
There is no other way to get out of debt and avoid depression on default.
2025 is accumulation phase ( it’s a rocky road forcing strong long term holders to exit -…
In his scenario, Bitcoin becomes part of U.S. monetary strategy, not just a speculative asset. He even suggests a future where Bitcoin is revalued to $1,000,000 and gold to $20,000, allowing the government to reduce debt without a default or depression.
To him, the recent 35% drawdown was not the start of collapse, it was a perfectly engineered shakeout. Anyone who wanted to sell already sold. Long-term holders remain, and they have no intention of exiting.
This view is more geopolitical than technical. It assumes policymakers understand Bitcoin’s strategic role and will eventually use it to stabilize the financial system.
Read also: XRP and Bitcoin Set for Synchronized Bottom? Analyst Predicts One Last Leg Down
Two Narratives, One Reality
Both arguments reflect the same truth: Bitcoin is no longer just a speculative internet asset. It now sits inside global finance; sovereign buyers, Wall Street ETFs, regulated exchanges, institutional custody, and macro-driven volatility.
That new reality cuts both ways.
If Bitcoin behaves like a risk asset, it can follow markets downward. If Bitcoin becomes a strategic asset, then volatility may be temporary and long-term appreciation remains possible.
Right now, uncertainty dominates. Liquidity is tight, macroeconomic risk remains elevated, and fear across crypto markets is widespread. Investors are asking the same question:
Is this the end of the bull cycle, or a transfer to stronger hands?
No one knows. But the debate itself shows how far Bitcoin has come. The conversation is no longer retail vs. retail. It’s analysts arguing about sovereign reserves, monetary engineering, and global debt structures.
That alone proves Bitcoin remains relevant. For now, the market waits.
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