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Martin Frohler, mathematician and CEO of crypto trading platform Morpher, said it's reasonable to suspect more big projects fail in the months ahead.

"Retail sentiment is at a low level due to the uncertainty of the global economy and inflation. Miners who are in debt and hit by China's ban have to go out of business and add to the selling pressure. We will see the price of Bitcoin slump," Frohler explained.

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Responding to the current crypto market bear factor, 70 percent of panelists said the increase in global interest rates was the main reason. This was followed by the collapse of the Terra (LUNA) and Terra USD (UST) ecosystems, monetary tightening by the central bank and wild inflation.

Looking at the long term, panelist Finder.com said BTC still has the opportunity to reach US$106,757 by the end of 2025 and US$314,314 by the end of 2030.