Bitcoin (BTC) has slipped below the $89,000 mark, and the familiar question is making the rounds again: is this the end of the bull run, or just an awkward transition phase?

Schiff Returns With Fresh Criticism

Enter Peter Schiff, Bitcoin's most persistent skeptic, who's back with a fresh batch of warnings. His latest take? Bitcoin's reputation as the best-performing asset "no longer holds true" in 2025. The numbers paint an uncomfortable picture: Bitcoin is down about 5% year-to-date, while NASDAQ has climbed 17% and gold has absolutely crushed it with a 53% surge.

Schiff also pointed to Strategy (MSTR), which many investors treat as a Bitcoin proxy. It's down 35% in 2025 and trading 65% below its November 2024 peak, which doesn't exactly scream "digital gold is working."

In a separate post, Schiff argued that Bitcoin is failing both narratives it was supposedly built on:

• Not useful for payments: Even crypto users prefer stablecoins for transactions. He cited Cathie Wood, who trimmed her Bitcoin forecast from $1.5 million to $1.2 million mainly due to the rapid adoption of stablecoins.
• Weak as a store of value: According to Schiff, tokenized gold is becoming a superior alternative.

His conclusion? Investor confidence is collapsing. "The race to get out of Bitcoin is on," he warned. "Don't be last."

The Technical Picture Gets Messy

Crypto trader Kevin noted that Bitcoin's breakdown from the $98,000–$106,800 macro support zone does resemble past cycle tops, especially given the loss of the 50-week moving average. Historically, those breakdowns have led to corrections that bottom somewhere between mid-November and January.

But here's the weird part: Bitcoin dominance hasn't crashed. In every previous cycle top, altcoins exploded as Bitcoin dominance collapsed. That hasn't happened this time.

Kevin argues the market is hitting a rare inflection point where the classic four-year cycle model collides with a highly liquid, dovish macro environment. The Federal Reserve is easing, financial conditions are improving, and none of this resembles historical bear market conditions.

The next move in Bitcoin dominance will probably tell us whether the bull run is truly over or just morphing into something different. For now, it's anyone's guess.