Bitcoin’s Plunge: A Comedy of Errors or the End of Days?

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In the dimly lit theater of financial markets, the curtain rises on a scene all too familiar: Bitcoin, once the darling of the digital age, now staggers under the weight of its own volatility. The charts, those cold and unforgiving specters, whisper of a bear market that clings like a stubborn guest long after the party has ended. Analysts, with their graphs and predictions, proclaim that the pain is not yet over, though they hint, with a shrug, that the bottom may be near. How comforting.

Nic Puckrin, the Coin Bureau CEO, observes with a detached air that Bitcoin has closed below the 100-week moving average for the third week in a row. “Thirteen days,” he remarks, as if counting the days of a siege. Historically, he adds, such periods have lasted an average of 267 days. “A quick bounce back is still possible,” he concedes, though his tone suggests he finds this as likely as a snowstorm in July. “But the longer we remain below, the less likely.”

“Therefore, historically, we are more likely to remain below for a longer period of time. A quick bounce back is still possible, but the longer we remain below, the less likely.”

The Bitter Harvest of Losses

Michaël van de Poppe, the MN Fund founder, chimes in with a note of grim humor. “The holder’s supply in profit/loss is rising,” he says, his voice tinged with irony. “More people aren’t profiting from Bitcoin, and the loss is growing significantly.” He pauses, as if savoring the absurdity. “This is something we’ve only seen during peak bear markets in 2015, 2018, and 2022.” Yet, he adds with a wink, it should provide accumulation opportunities. How kind of the market to offer such a gift.

Ki Young Ju, the CryptoQuant founder, is less sanguine. “Bitcoin is not pumpable right now,” he declares flatly, as if stating the obvious. Selling pressure, he explains, is too heavy for any multiplier effect. “Digital asset treasuries won’t work until it becomes pumpable again,” he adds, his words hanging in the air like a unanswered question.

Bitcoin is not pumpable right now.

In 2024, $10B in cash could create $26B in BTC book value. In 2025, $308B flowed in, yet the market cap fell $98B. Selling pressure is too heavy for any multiplier effect.

MSTR and DATs won’t work until it becomes pumpable again.

– Ki Young Ju (@ki_young_ju) February 9, 2026

Glasnode, ever the bearer of bad news, reports that the unrealized market loss of $70,000 is approximately 16% of the market cap. “Current market pain echoes a similar structure seen in early May 2022,” they note, their tone as dry as a summer breeze. Analyst ‘Sykodelic’ adds his two cents, observing that Bitcoin volume is telling. “On the nuke to $60k, we hit the fourth largest volume period since the 2022 bottom,” he says, before questioning whether $60,000 was indeed the bottom. A question, it seems, that lingers like a ghost in the room.

The $70K Mirage

The bearish sentiment is not without cause. Bitcoin, that fickle creature, fell below $70,000 twice on Monday, trading around $69,000 on Tuesday morning in Asia. It has been consolidating around this level since its dramatic crash to $60,000 on Friday, a fall that left it down 44% from its peak. Bear-market territory, they call it, with the path of least resistance pointing downward. How reassuring.

And so, we sit in this theater of the absurd, watching as the actors play out their roles with a mixture of tragedy and farce. Bitcoin, once hailed as the future of finance, now struggles to find its footing. The analysts, with their charts and predictions, offer little comfort. Perhaps, in the end, it is all just a comedy of errors. Or perhaps, it is the end of days. Only time will tell.

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2026-02-10 09:52