Bitwise CIO Matt Hougan Says 2022-Style 77% Crypto Crash Is Unlikely, But More Downside Possible
Posted On February 6, 2026
Bitcoin (CRYPTO: BTC) has fallen about 15% over the past week and more than 20% over the past month, prompting questions about what’s driving the decline and how much further prices could fall.
Six Reasons For Bitcoin Declines
Bitcoin’s recent sell-off has rattled investors, but Bitwise CIO Matt Hougan says a deep, prolonged crash like 2022 is unlikely even if volatility persists.
In a recent memo, Hougan said crypto’s weakness is being driven by several overlapping factors rather than a single catalyst.
He outlined six main pressures: long-term investors selling early to front-run the four-year cycle, retail attention shifting toward AI stocks and precious metals, a major leverage …
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