Muhammad Sharfuddin

According to CoinMarketCap data, the global cryptocurrency market cap now stands at $3.75T, up by 2.91% over the last 24 hours.Bitcoin (BTC) traded between $111,679.25 and $107,355.02 over the past 24 hours. As of 14:00 (UTC) today, BTC is trading at $110,782.45, up by 2.54%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include AUCTION, MLN, and BIO, up by 67.26%, 54.78%, and 37.50%, respectively.Top stories of the day:Cryptocurrency Funding Rates Return to Neutral After Market Rebound BNB Chain DEX Trading Volume Surpasses $2 Trillion, Led by PancakeSwap U.S. Government Shutdown Could Break Record as Washington Stalemate Deepens UK FCA Approves 21Shares, Bitwise, and WisdomTree to Launch Crypto ETPs for Retail Investors Ethereum Sees $205M Inflows as Bitcoin Funds Face $946M Outflows — Digital Asset Fund Flows Report 67% of Institutions Expect Bitcoin to Rise in the Next 6 Months, According to a Study Bitcoin Tops $111K as Risk Assets Rally; XRP, SOL, ETH Jump Amid Japan Market Surge  CryptoQuant Predicts Opportunity for Smart Investors as STH-SOPR Turns Positive Federal Reserve to Host Conference on Cryptocurrency Payment Innovations Market movers:ETH: $4,021.28 (+2.13%)XRP: $2.4589 (+3.02%)BNB: $1,112.06 (+0.74%)SOL: $191.60 (+1.20%)DOGE: $0.20007 (+3.00%)ADA: $0.6656 (+3.02%)

Key points:

Bitcoin is approaching its bull market top, and not even corporate buyers might survive the comedown, Saifedean Ammous warns.

BTC price action is still capable of an 80% drawdown, says the author of “The Bitcoin Standard.”

Bitcoin OGs are increasingly warning about the potential lack of attention given to bear markets.

Bitcoin (BTC) is approaching “very shaky ground” as it prepares its next blow-off top, celebrated author and educator Saifedean Ammous says.

Speaking on the Coin Stories podcast on June 3, the “Bitcoin Standard” author warned that the bull market was coming to an end.

Bitcoin bull market gains “not inconsiderable”

Bitcoin has limited time before its next bear market despite institutional involvement and changing market structure, Saifedean Ammous believes.

Discussing phenomena such as institutional buyers and corporate treasuries, he stressed that regardless of market maturity, BTC/USD was still able to crash by up to 80% during its comedown from bull market peaks.

“I just hope my message out there to everybody who’s in this business is, Bitcoin has done -70% and -80% before and it can do it again,” he told Coin Stories host Natalie Brunell. 

“If your business model can’t handle a -80% Bitcoin drawdown, rework your business model right now, because I think we’re getting toward the very shaky ground of the top and the fall from it.”

Ammous explained that in prior price cycles, the long-term top appeared “between one year and eighteen months” after the last block subsidy halving event.

While accepting that BTC/USD could still hit $200,000 or more this cycle, he acknowledged that current trough-to-peak gains sit at over 600%.

“Since the bottom, we’re up from $15,000 to $109,000 — that’s not inconsiderable,” he continued. 

BTC corporate treasuries get grilled

Ammous’ comments come as more and more corporations choose to add Bitcoin to their balance sheets.

The trend has expanded outside the US, with Paris-based cryptocurrency firm Blockchain Group this week acquiring another $68 million worth of Bitcoin to bring its total holdings to nearly 1,500 BTC.

Echoing Ammous, popular Bitcoin commentator Max Keiser shared doubts over the ability of industry newcomers to withstand the kind of price volatility common to all Bitcoin bear markets.

“The Strategy clones have not been tested in a bear market. Saylor never sold and just kept buying, even when his BTC position was underwater,” he wrote on X about the acquisition policy of Strategy, the firm with the world’s largest Bitcoin treasury. 

“It is foolish to think the new Bitcoin Treasury Strategy clones will have the same discipline.”

BTC price forecasts meanwhile continue to vary, with $200,000 and higher still a popular target for 2025.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.