CEO Cuts Cardano Founder’s Bitcoin Price Forecast, Warns Bear Market Just Starting
Overview
Recent developments in the cryptocurrency market have led to skepticism regarding optimistic price forecasts for Bitcoin. Charles Hoskinson, the founder of Cardano, previously predicted a significant rise in Bitcoin’s price, but current market conditions have prompted a reevaluation of such projections.
Hoskinson’s Optimistic Forecast
In April, Charles Hoskinson made headlines with his ambitious prediction that Bitcoin could reach a price of $250,000 within the year. At that time, Bitcoin was trading at $77,000, following a record high of $109,000 in January. Hoskinson’s optimism stemmed from the belief that international negotiations, particularly between the US and China, would create favorable conditions for Bitcoin’s growth. He suggested that easing tariffs could lead to positive market reactions and increased adoption, particularly with the anticipated passage of the GENIUS Act.
Market Realities and Price Fluctuations
Since Hoskinson’s forecast, the cryptocurrency market has experienced significant volatility. Bitcoin briefly regained momentum, reaching $126,000 in mid-October, but has since faced a downturn, with the total market cap of the broader crypto market shedding over $1 trillion. This decline has been attributed to persistent selling pressure from investors and significant outflows from the Bitcoin exchange-traded fund (ETF) sector, with nearly $2 billion sold since October. As a result, Bitcoin is currently trading at approximately $89,300, representing a nearly 30% decline from its recent all-time highs.
CEO’s Dismissal of the Forecast
In light of these developments, Jacob King, the CEO of Swandesk, publicly dismissed Hoskinson’s $250,000 price target, labeling it as unrealistic. He expressed that such lofty predictions are “pulled out of thin air” and indicative of a market still grappling with “delusions.” King suggested that the industry may be in the early stages of a new bear market cycle. This sentiment is echoed by market expert Lark Davis, who noted that the cryptocurrency has officially entered bear market territory based on the classic four-year Bitcoin price cycle.
Analysts’ Bearish Sentiments
Further reinforcing the bearish outlook, an analyst known as Mr. Wall Street has speculated that the Bitcoin price peaked at $126,000 and may face downward pressure, potentially slipping to a range between $74,000 and $82,000. He has also forecasted a possible decline to levels between $54,000 and $60,000 by the fourth quarter of 2026.
Impact on the crypto market
- Skepticism around high price forecasts may lead to increased caution among investors.
- Persistent selling pressure and significant ETF outflows could impact liquidity in the market.
- The bearish sentiment may influence trading strategies and investment decisions moving forward.
- The potential for a prolonged bear market cycle could deter new investors from entering the market.
- Analysts’ predictions may create a self-fulfilling prophecy, further affecting market dynamics.
Updated: 11/20/2025, 10:26:20 AM
