 
It’s impossible to predict with certainty whether a crash like the 2021–22 collapse will occur, but many analysts believe the probability is non-trivial. Whether it happens “next year” depends on how a mix of macro, market, and crypto-specific risk factors play out. Here’s a reasoned assessment of the risks, counter-forces, and scenarios:
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Key factors that could trigger a crash
These are some of the major risk drivers that, if they worsen, could lead to a significant drawdown:
| Risk Factor | Mechanism of Damage | Current Warning Signs | 
|---|---|---|
| Monetary tightening / central banks | If inflation stays sticky, central banks (especially the U.S. Fed) may resume rate hikes or delay cuts. That raises discount rates and makes risk assets (like crypto) less attractive. | Inflation remains elevated in many places; central banks are still cautious. | 
| Liquidity withdrawal / tighter credit markets | If lending standards tighten, lenders reduce risk exposure, margin calls rise, and forced liquidations cascade. | Some signs of stress in credit markets; increasing yields on government debt. | 
| Regulatory or policy shocks | New laws, crackdowns, or bans targeting crypto/DeFi could spook investors and force deleveraging. | Regulatory debates in the U.S., Europe, China, etc., are ongoing and unsettled. | 
| Crypto-specific failures | Collapse of a major stablecoin, big protocol exploit, insolvency of large institutions (exchanges, hedge funds) could cause contagion. | Past episodes (e.g. Terra, FTX) show how fragile confidence can be. | 
| Correlation to equities / macro risk | Bitcoin and crypto are increasingly correlated to tech stocks and “risk assets.” A sharp equity selloff could drag crypto down. | Markets are volatile; economic growth seems patchy in many regions. | 
Counterforces that could delay or soften a crash
These are factors that might reduce the odds or severity of a crash:
- 
Institutional adoption & deeper infrastructure: More institutional capital, regulated products (ETFs, custody), and improved systems may stabilize downside volatility. 
- 
Better liquidity mechanics: As markets mature, larger order books, better market makers, and more robust protocols can reduce “flash crash” risk. 
- 
Pro-crypto sentiment / policy tailwinds: Favorable regulation or supportive announcements (e.g. clearer rules, central banks experimenting with CBDCs) could bolster investor confidence. 
- 
Delayed cyclical timing: Some analysts argue the traditional 4-year crypto “cycle” is stretching out, meaning the next major correction may come later than in past cycles. (CryptoPotato) 
- 
Halving “shock” dynamics: The reduction in new supply after a Bitcoin halving tends to support upward pressure (though this effect can be delayed or dampened by macro headwinds). 
What analysts are currently saying
- 
Some believe that the next major downturn might come around 2026 rather than 2025, based on macro cycles and increasing complexity in markets. (BeInCrypto) 
- 
Some models warn that entering the “third year” after a halving historically sees outsized downside risk. (Seeking Alpha) 
- 
Others are more bullish in the near term (2025) but see 2026 as a likely “pause” or correction year. (Barron's) 
Thus, while a crash is not guaranteed next year, many see 2026 (or the window around it) as a higher-risk period for a major correction.
My reasoned “scenarios” and probability sketch
Here are a few plausible scenarios:
- 
Base case (moderate drawdown but not a crash): A 20–40 % decline in crypto during 2025 or 2026, triggered by modest central bank moves or regulatory shocks. 
- 
Bear scenario (crash): A 50–70 % drop, triggered by cascading failures in lending, a major stablecoin collapse, or abrupt tightening. 
- 
Bull extension: The rally continues into 2026–2027 before major correction, backed by institutional inflows, favorable regulation, and strong narrative. 
Given current conditions, I’d estimate a moderate crash / deep correction has perhaps a 25–40 % chance over the next 12–24 months; a full-blown crash (like 2021–22 scale) is less likely in the next year but becomes more plausible toward 2026.
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About the Author: Alex Assoune
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