Bitcoin Bear Market Confirmed? Analysts Point to $70,000–$56,000 as Potential Bottoms While Liquidity Builds
The cryptocurrency market has entered what many now call a full-blown bear phase, with Bitcoin (BTC) dropping sharply below $100,000 and struggling to reclaim key technical levels. After testing lows near $74,700 over the weekend and briefly dipping to $72,000 on Tuesday, February 3, 2026, BTC has stabilized around $77,000–$78,000, but conviction remains weak.
Prominent voices in the industry are increasingly aligning on the view that the crypto winter is underway — and has been for months.
Matt Hougan (Bitwise CIO): "We’ve Been in Crypto Winter Since January 2025"
Matt Hougan, Chief Investment Officer at Bitwise Asset Management, one of the largest digital asset managers, stated bluntly:
“We have been in a crypto winter since January 2025. Chances are, we’re closer to the end than the beginning. We are in a full-blown crypto winter.”
