Following Bitcoin’s recent plunge to approximately $76,000, the entire cryptocurrency market has entered a state of heightened caution, with investor sentiment swinging sharply towards extreme fear. A well-known crypto analyst has shared his perspective on Bitcoin’s current trajectory, forecasting further declines for the flagship digital asset. He also cautions traders against attempting to capitalize on this downturn by purchasing Bitcoin amid such volatile and unpredictable conditions.
Expert Advises Against Long Positions After Bitcoin’s Sharp Decline
The crypto strategist known as Tyrex has issued a warning to investors about initiating long positions in Bitcoin after its recent price drop. Over the past weekend, $BTC suffered another significant setback, falling over 14% according to CoinMarketCap data. While some market participants might view this dip as an attractive entry point for buying the dip and holding long-term positions, Tyrex strongly recommends refraining from such actions at this time.
In a post dated February 1st, 2026 on platform X (formerly Twitter), Tyrex highlighted that Bitcoin hit a fresh low near $76,000 on January 31st—signaling a confirmed bearish breakout pattern. Drawing parallels with previous similar scenarios (excluding false breakouts), he argued that it is improbable for BTC to rebound fully back up to $85,000 soon. Instead of recovering swiftly, he anticipates continued downward pressure until price discovery occurs at lower levels.
Tyrex referenced historical price behavior during May 2021, May 2022 and June 2022 when comparable structural breakdowns led to substantial crashes in BTC’s value. In each instance cited by him, recovery was slow or nonexistent immediately following major red candlesticks appearing on daily charts; rather than bouncing back quickly BTC kept declining further.
The analyst included an updated chart illustrating how Bitcoin was trading just above $79K during his analysis period after briefly rebounding from its prior low near $76K. His projection suggested that BTC could soon resume its downward slide toward roughly $75,400—a drop exceeding 4.5% from current levels.
Additionally, Tyrex identified an important support zone around the weekly chart level of approximately $74K which might temporarily halt further losses. This support line corresponds roughly with Ethereum’s critical support near $2, 100 according to his analysis.
Forecast Points Toward Further Declines For $BTC
Tying together recent price action along with structural vulnerabilities and historical cycle patterns, Tyrex expects that Bitcoin will likely revisit these lows once more before any meaningful recovery can occur. This leads him to maintain a predominantly bearish short-term outlook for $BTC.
The analyst emphasized that while around $74K may represent potential entry points for longs due to being key support, he remains cautious because this level is relatively distant within weekly timeframes and thus susceptible if selling momentum persists unabated.
Featured image generated via Dall.E; chart sourced from Tradingview.com