Bitcoin has fallen sharply, dropping over 20% from its January peak of $109,350, raising concerns about whether the crypto market has entered a bear phase.

On Thursday, February 27, Bitcoin hit an intraday low of nearly $83,000 before recovering to around $85,000. The sell-off has wiped out nearly $300 billion in market value, leading to increased volatility and investor anxiety.

Anish Jain, Founder of W-Chain, acknowledges the ongoing debate over whether Bitcoin’s recent drop signals a bear market. He emphasizes that macroeconomic factors, such as the adoption of blockchain technology by institutions and regulatory clarity, are crucial in determining the market’s trajectory. While some see this decline as the start of a bear phase, Jain suggests it could also be viewed as a buying opportunity, given the strong long-term fundamentals of the crypto market.