Summary of views on this round of decline: The doubts about a "bear market" have disappeared; the decline will be more moderate and the drop will be limited. Consider initial buy the dips when the price reaches $60,000-$70,000.

On February 2nd, the cryptocurrency market experienced further declines, with Bitcoin falling to a low of $74,604, Ethereum to $2,166, and SOL falling below $100 for the first time in approximately 300 days. Meanwhile, spot gold and silver also lost their previous strength, with gold falling below $4,500/ounce and silver below $74/ounce. US stock index futures and Japanese and South Korean stock markets also declined. The cryptocurrency market failed to see the previously anticipated "capital inflow." Below are BlockBeats' key analytical points regarding this round of decline: Tom Lee acknowledged during a podcast appearance that the current crypto market is in a bear market and is under significant short-term pressure. ETH may have hit $2400 as a bottom. (It has already fallen below that level.) Raoul Pal, co-founder and CEO of Real Vision, stated that centralized exchanges (CEXs) likely passively absorbed a large amount of assets (potentially around $10 billion in inventory) during the October 11 crash. The subsequent prolonged market weakness was attributed to the CEXs that took over the inventory by using algorithms to sell off their holdings during the US stock market opening hours each day. Raoul predicts that this round of selling pressure will be largely cleared by the end of February and believes that Bitcoin will quickly rebound after the selling pressure subsides. ARK founder Cathie Wood has again hinted at a potential Bitcoin rally, stating that Bitcoin, Ethereum, Solana, and even Hyperliquid could be effective diversification options. Since the beginning of 2020, the price correlation between Bitcoin and gold has remained extremely low at only 0.14. Notably, during Bitcoin's two most recent bull market cycles, gold prices outperformed Bitcoin. CryptoQuant CEO Ki Young Ju stated that Bitcoin's price continues to fall due to persistent selling pressure and a lack of new capital inflows. However, unless Saylor significantly reduces his holdings, the market is unlikely to experience a 70% crash as seen in previous cycles. The current market bottom is not yet clear, but this bear market may result in a wide range of sideways consolidation. Benjamin Cowen, CEO of Into The Cryptoverse, stated that he believes the 2023–2025 bull market has ended, and 2026 will be a "digestion phase" or a bear market year. He predicts Bitcoin will continue its slow decline, with the bear market momentum lasting at least until mid-2026, possibly bottoming out in the summer or Q3/Q4. Potential targets include testing the 200-week moving average (200WMA, approximately $60,000-$70,000). This bear market decline will be slower and less dramatic (unlike previous 70-80% crashes) because the top will emerge in a subdued market rather than extreme euphoria, but 2026 will still be a bear market year. Alliance co-founder Qiao Wang posted on social media that he is mentally prepared for Bitcoin to drop to $30,000-$40,000, but does not predict it will actually fall to that level. If it reaches $60,000-$70,000, he will start buying slowly. If it does drop to $30,000-$40,000, he will go all in. In addition, well-known trader Eugene Ng Ah Sio and Equation News founder Vida recently stated that they had buy the dips in at the bottom, but both announced again on February 1 that they had sold off to avoid risks and exit the market.