The speaker believes the market is currently cautious with long-term holders beginning to sell. Demand appears to be cooling down and traders are seemingly less willing to take big new positions. Market is tending toward consolidation or a correction, rather than a sharp breakout. Bitcoin is now around 95000 USD. He considers the $2 trillion market cap will continue to drop to approximately 80% because that's the point at which existing holders are willing to sell their crypto.