Bitcoin Drops From $90,000 To $70,000 In 2 Weeks, But ‘Much Of The Bad News Already Priced In’
Posted On February 9, 2026
Bitcoin (CRYPTO: BTC) has logged its steepest two-week drawdown since June 2022, but Bitwise Chief Investment Officer Matt Hougan says “much of the bad news is already priced in”.
The 6 Crash Factors
Hogan identified six factors driving the crash:
- Front-running the four-year cycle: long-term crypto investors sold to avoid the historical pattern of three up years followed by a down year (2014, 2018, 2022, 2026). Hougan estimates these investors sold well over $100 billion of Bitcoin last year.
- Attention shifted to AI and metals: retail “attention investors” who drove crypto higher rotated capital into AI stocks and precious metals, partially withdrawing from crypto.
- October 10 leverage liquidation: Bitcoin experienced its largest leveraged blowout in history when Trump announced a surprise 100% tariff on Chinese goods after market close on a Friday, forcing traders to use crypto markets …
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