‘We’re in crypto winter’- Bitwise turns bearish as Bitcoin price slips below $75K
Bitcoin’s transient and prolonged dip to $72K on Tuesday, the third of February, has now led extra analysts and asset managers to simply accept that the bear market is right here.
In reality, Matt Hougan, CIO of digital asset supervisor Bitwise, said the “crypto winter” started in January 2025, and that $75 billion in demand from ETF and treasury companies was the one factor preserving it going.
In any other case, Bitcoin [BTC] worth would have dropped 60%, Hougon famous, and added,
“We’ve been in a crypto winter since January 2025. Chances are high, we’re nearer to the top than the start. We’re in a full-blown crypto winter.”
Based on Hougan, the bear markets sometimes final 13 months. However he doubted that the present one would lengthen to subsequent November.
What’s subsequent for Bitcoin and the crypto market?
Though CryptoQuant’s Head of Analysis, Julio Moreno, agreed with Hougan’s evaluation, he differed together with his timestamps.
Based on Moreno, the bear market section started in November 2025 and will probably finish later in 2026.
“The Bitcoin bear market began in November 2025, as urged by on-chain and market knowledge, and the timing has implications for when it is going to finish. My present expectation is Q3 2026.”
Supply: X/Julio Moreno
For the unfamiliar, BTC dropped under $100K and the bull market assist of the 50-week Exponential Shifting Common (EMA) in November.
In reality, from a worth charts perspective, Moreno’s assertion aligned with AMBCrypto evaluation.
Supply: BTC/USDT, TradingView
Assessing the potential crypto market backside
With a projection for a possible reversal by mid to late 2026, how low can the BTC correction go?
Previously cycle, the bear market bottomed out on the peak of the 2017 cycle.
If the same pattern performs out, that will be round $70K, which is the 2021 market prime.
In reality, this was the identical degree marked out by Aurelie Barthere, Principal Analysis Analyst at crypto analytics agency Nansen. In an electronic mail assertion, Barthere informed AMBCrypto,
“The value pattern in crypto is unfavourable, and capitulation has simply began in ETFs. I might anticipate the bearish transfer to guide BTC to check $70k assist.”
When requested what may assist reverse the bearish pattern, Barthere mentioned a “potential adoption of the CLARITY Act by Congress may assist stabilize costs.”
Nonetheless, on-chain data confirmed the MVRV Z-Rating was sloping downwards and headed towards the fair-value zone that marked the previous market cycle bottoms.
Put otherwise, at press time worth, we should still be removed from a real market backside, based mostly on this metric. In the meantime, Fundstrat’s Tom Lee mentioned that ‘all items’ have been in place for the market to rebound.
Supply: Glassnode
Closing Ideas
- Bitwise CIO acknowledged that the sector was in a ‘full-blown’ crypto winter, however it may finish quickly.
- For CryptoQuant, nonetheless, the winter will finish in Q3 2026, whereas Nansen eyed $70k as potential assist.
