“There has never been a bear market without a prior altseason,” says analyst Javier Espasa.
Trader Emanuel Juárez identifies supports between USD 84,000 and USD 80,000.
The recent drop in bitcoin (BTC), back to around $95,000, has sparked concern among market participants. The pullback, which deepens a corrective movement that began weeks ago, raises the question of whether it is the beginning of a prolonged bearish cycle (crypto-winter) or simply an adjustment within a broader trend.
The price behavior shows that bitcoin has lost the higher levels reached between September and October, when it exceeded USD 120,000, and now it is retreating towards areas observed more than six months ago.
The graph below shows a sequence of descending highs since the beginning of November, which reinforces the feeling of caution among investors.
However, for some analysts, this type of movement is not enough evidence to speak of a “crypto winter.” but a natural phase within the dynamics of the market.
Javier Espasa: “About crypto winter, nothing at all”
Consulted by CriptoNoticias, Spanish analyst Javier Espasa Peribáñez rules out that the current correction represents a profound change in trend. “In my opinion, I think it is just a correction within the upward trend that we still maintain,” he says. To support this vision, he points out several factors that he considers decisive in the current scenario.
Espasa highlights that the total market capitalization of cryptocurrencies rose by 16.4% in the third quarter of 2025, which in his opinion shows that The structural growth of the sector remains intact.
“Global crypto adoption data continues to demonstrate growth,” he adds, and highlights that from the institutional front “cryptocurrencies are increasingly integrated into the traditional financial system with very high short-term expected volumes.”
Among the most striking elements, he mentions the developments related to new financial products. Espasa points out that “XRP alone plans to authorize 13 exchange-traded funds (ETFs) for this month of November.”
And he highlighted the performance of the XRP ETF issued by the Canary company, which set a record of inflows during its debut on the US stock market on November 13. In total, 58.5 million dollars entered this investment product on its first day, as seen below:
This, in their view, represents a sign of institutional maturity and greater interest from large investors.
For this reason, he categorically maintains: “nothing at all about crypto winter.” In his reading, the market could be waiting for a catalyst that improves the general feeling.
One of them would be the shift in the monetary policy of the United States as a result of the impact of the reopening of the Federal Government. In his perspective, the resumption of federal operations in the US “may cause a change in market sentiment.” “Especially if it is accompanied by institutional money that generates an increase in contributions,” he comments.
Espasa also warns about typical market behavior in bearish cycles. It indicates that “there has never been a bear market without a clear prior bullrun in altcoins (altseason).”
“And, until now, the latter has not happened,” he comments. And it suggests that although Blockchain Center’s altseason indicator briefly showed signs of a possible altcoin season this year—as seen below— the trend failed to consolidate or sustain a clear momentum in those assets.
Emanuel Juárez: “These episodes usually open opportunities”
A different vision, although not necessarily bearish, comes from the Argentine trader and technical analyst Emanuel Juárez, who observes the current setback with greater caution.
Juárez indicates the fall of bitcoin and the market responded, in part, to global nervousness that was intensified by the warnings of Michael Burry, who warns of a possible technological bubble. Also, due to the unpredictability of the Federal Reserve’s decision on December 10.
The specialist adds an additional element: the lack of recent macroeconomic data due to the prolonged shutdown of the US Government. “A scenario aggravated by the lack of macro data (inflation and employment),” he explains, clarifying that the absence of key information to evaluate the state of the economy contributes to investor nervousness.
Despite this, Juárez considers that These types of episodes can represent opportunities “for those who analyze the market with a medium-term approach.”
But he also warns that weakness continues as long as external instability persists: “As long as the technology sector does not regain strength and there is no greater clarity regarding the Federal Reserve’s position, the market in general could continue to correct, and bitcoin is not exempt from that movement.”
Regarding the recent price behavior, Juárez highlights key areas that could act as supports or areas of interest.
“I identify a first purchase range between USD 98,000 and USD 97,000, an area where demand historically appeared.” details. And he adds a deeper level: “Further down, a relevant support area is observed between USD 84,000 and USD 80,000, where buying interest could be reactivated if the correction deepens.”
These support zones are best seen in the following technical chart provided by the analyst:
What do we expect for bitcoin and cryptocurrencies?
The readings of both specialists agree that the current setback cannot yet be interpreted as a confirmed change in cycle. The bitcoin chart shows a decline from relevant highs, but within a wide range that has predominated for much of the year, suggesting that Recent behavior remains in line with previous corrective phases.
It is that combination between this technical structure, macroeconomic expectations and the advancement of institutional adoption, which will determine whether bitcoin regains its previous momentum or if bearish pressures continue to dominate the market.
For now, the debate about whether or not a “crypto winter” has begun remains open. Ultimately, the evolution of the global economic environment and the upcoming monetary policy decisions in the United States will define the direction of the digital asset in the coming weeks.