Pakistani cryptocurrency expert Waqar Zaka’s earlier warning about an imminent Bitcoin crash has now been validated, as the leading digital asset fell below $80,000 on Friday.
The broader crypto market experienced a significant sell-off that wiped out $1 trillion in value, fueling fears of a prolonged downturn.
Zaka, a long-time advocate for cryptocurrency in Pakistan, had cautioned investors in December 2024 that not everyone could get rich from crypto trading. In one of his videos, he warned against the perils of blindly investing one’s life savings and stressed the importance of carefully studying market trends to make informed decisions.
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Bitcoin’s recent crash represents a nearly 25% decline from its all-time high of nearly $110,000 in December. This downturn comes on the heels of a week-long market slump, with Bitcoin reaching a three-month low.
Initially, Bitcoin surged after US President Donald Trump’s election victory in November, when he was seen as a pro-crypto leader. However, market sentiment has since shifted due to concerns over Trump’s proposed tariffs, broader economic uncertainties, and global conflicts such as the Russia-Ukraine war and military actions in Israel.
The massive market sell-off has also adversely affected other major cryptocurrencies like Ethereum and Solana, which have experienced significant losses. Analysts now warn that the market may continue to decline unless there is renewed regulatory clarity and macroeconomic stability.
Investors and crypto enthusiasts are closely monitoring Bitcoin’s next moves, amid growing apprehension about a sustained bear market.
