Pakistani cryptocurrency expert Waqar Zaka’s warning about an impending Bitcoin crash has proven accurate, as the leading digital asset plunged below $80,000 on Friday.
The broader crypto market saw a massive selloff, wiping out $1 trillion and raising fears of a prolonged downturn.
Waqar Zaka, who has long been an advocate for cryptocurrency in Pakistan, had cautioned investors in December 2024, stating that not everyone could become rich through crypto trading.
In one of his videos, he warned traders against blindly investing their life savings.
He urged investors to study market trends carefully and make informed decisions.
Bitcoin’s latest crash marks a nearly 25% decline from its all-time high of nearly $110,000 in December. The downturn follows a week-long rout in the crypto market, with Bitcoin hitting a three-month low.
The cryptocurrency had initially surged after US President Donald Trump’s election victory in November, as he was perceived as a pro-crypto leader. However, market sentiment has shifted amid concerns over Trump’s proposed tariffs, economic uncertainties, and global conflicts, including the Russia-Ukraine war and Israel’s military actions.
The market-wide selloff has also impacted other major cryptocurrencies, including Ethereum and Solana, which have suffered significant losses.
Analysts now warn that the market could see further declines unless regulatory clarity and macroeconomic stability return.
Investors and crypto enthusiasts are closely watching for Bitcoin’s next move, as fears of a prolonged bear market grow.
