The cryptocurrency market has seen a significant downturn, erasing nearly all gains from early September. Over the past week, the total market capitalization has dropped by 6.6%. Solana (SOL) experienced a sharp decline of 19.5%, while Bitcoin (BTC) and Ethereum (ETH) fell below critical support levels of $110,000 and $4,000, respectively. Analysts are split on the implications of this decline. Some suggest it signals the onset of a bear market, while others believe it could be a bear trap, potentially leading to a market rebound. Notably, Peter Schiff, a long-time critic of cryptocurrencies, declared Ethereum to be in a bear market and warned of a possible 'crypto ice age.' Conversely, some analysts maintain that the market is still in a mid-cycle phase, with potential for a final surge to new highs.