Bitcoin (CRYPTO: BTC) has slipped below the $89,000 mark, fueling widespread concern and raising the question: has the bull run ended, or is the market simply transitioning into a new phase?

What Happened: Longtime Bitcoin critic Peter Schiff resurfaced with fresh warnings, arguing that Bitcoin's reputation as the best-performing asset "no longer holds true" in 2025. On year-to-date basis, BTC is down around 5%, NASDAQ is up 17% and gold has surged 53%.

Schiff also pointed to Strategy (NASDAQ:MSTR), often viewed as a Bitcoin proxy, noting it's down 35% in 2025 and trading 65% below its November 2024 peak.

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

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

He further argued investor confidence is collapsing, warning: "The race to get out of Bitcoin is on. Don't be last."

Also Read: Bitcoin Smacked Down To $91,000: Where Do We Go From Here?

Why It Matters: Crypto trader Kevin noted Bitcoin's breakdown from the $98,000–$106,800 macro support does resemble past cycle tops, especially given the loss of the 50-week moving average.

Historically, those breakdowns have led to corrections that bottom between mid-November and January.

But he also highlighted one major contradiction: Bitcoin dominance hasn't crashed. In every previous cycle top, altcoins exploded as BTC dominance collapsed, which 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 alongside Fed easing and financial conditions improving.

This macro backdrop does not resemble historical bear market conditions but is nearing a major curveball.

The next move in Bitcoin dominance will determine whether the bull run is truly over or just evolving.

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