The Bitcoin crash in February 2026 triggered market panic. From the historical high of $126,000 last October, it has fallen below $70,000, hitting a low of around $67,000, with a maximum drop of nearly 47%. The total market capitalization of cryptocurrencies has evaporated by hundreds of billions of dollars, and the Fear and Greed Index has dropped to an extreme fear range of 11. The current price hovers around $67,200, having lost the psychological level of $70k, with lower support at $65k-$60k. Many investors are questioning: Is the bull market over?
The recent crash is mainly due to tightening macro liquidity, continuous net outflows of Bitcoin ETFs, intensified leverage liquidations, and the impact of rising gold on Bitcoin narratives. Historically, each Bitcoin bull market has been accompanied by a 30%-50% correction, with drops from 20,000 to 3,000 (-85%) in 2017 and from 69,000 to 15,000 (-78%) in 2021, both eventually reaching new highs. The current decline is still within the historical normal range and has not reached bear market levels.
Most institutions believe that the bull market has not ended, it's just a mid-term consolidation. Long-term holders are still accumulating, with fundamentals solid due to the halving cycle and institutional adoption. If the Federal Reserve turns to easing and ETFs flow back in, there is still a possibility of reaching over $100,000 in 2026. I believe the bull market is very likely not over, just in a period of adjustment. Long-term investors should be patient and gradually increase their positions to control risk. The market oscillates between fear and greed, and after this correction, there may be a rebound.$BTC $XPL
Additionally, I want to mention the stablecoin infrastructure @Plasma , I don't know when it will rebound from the peak of 1.65, which has already dropped to 0.085 #Plasma
