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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) liquidated billions of dollars going into Friday as BTC price action set bearish records.Key points:<ul><li>Bitcoin liquidates $2.6 billion as it sees its first red $10,000 daily candle ever.</li><li>BTC price action dives further in percentage terms than on any day since the 2022 bear market.</li><li>It may take until 2028 for Bitcoin to return above $93,500 again.</li></ul><h2 id="bitcoin-seals-biggest-daily-dollar-rout-in-history">Bitcoin seals biggest daily dollar rout in history</h2>Data from <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BITSTAMP" rel="noopener noreferrer nofollow">TradingView</a> showed BTC/USD consolidating after bouncing from $59,930 — its first trip below the $60,000 mark since October 2024.<figure><img alt="Bitcoin Price, Markets, Market Analysis" src="https://s3.cointelegraph.com/uploads/2026-02/019c322c-b4f0-7330-977b-17cb4e4948ce.png" title=""><figcaption>BTC/USD one-day chart. Source: Cointelegraph/TradingView</figcaption></figure> <a href="https://cointelegraph.com/news/bitcoin-slips-under-dollar64k-as-record-high-selling-intensifies-where-is-the-price-bottom" rel="noopener noreferrer nofollow">Sustained selling pressure</a> during Thursday’s US trading session eventually sparked a liquidation cascade, with $2.6 billion in crypto positions wiped out over 24 hours, per data from <a href="https://www.coinglass.com/liquidations" rel="noopener noreferrer nofollow">CoinGlass</a>.<figure><img alt="Bitcoin sees record $10K drop as model says $93.5K may only return in 2028" src="https://s3.cointelegraph.com/uploads/2026-02/019c3220-0000-7ab8-84fb-84efd279f66d.png" title=""><figcaption>Crypto liquidations vs. BTC/USD (screenshot). Source: CoinGlass</figcaption></figure> Commenting, crypto market participants noted that the liquidation tally had surpassed both the COVID-19 crash from March 2020 and the reaction to the implosion of exchange FTX in late 2022.<blockquote class="twitter-tweet">COVID crash: $1.2B in liquidations. FTX crash: $1.5B in liquidations. Random Thursday (today): $1.7B in liquidations. <a href="https://t.co/iY1vaYCjnd" rel="noopener noreferrer nofollow">pic.twitter.com/iY1vaYCjnd</a>— Alex Mason 👁△ (@AlexMasonCrypto) <a href="https://twitter.com/AlexMasonCrypto/status/2019506076392067351?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 5, 2026</a></blockquote>Bitcoin price action also brought back historical bear-market records elsewhere.In percentage terms, Thursday’s daily candle was the largest daily decline since the FTX debacle — an event that sparked the bear-market low of $15,600.<figure><img alt="Bitcoin sees record $10K drop as model says $93.5K may only return in 2028" src="https://s3.cointelegraph.com/uploads/2026-02/019c3222-ee12-7da2-8671-cc1d33bca42c.png" title=""><figcaption>BTC/USD one-day % change. Source: Joe Consorti/X</figcaption></figure> “The ETF holders have never experienced this kind of sell-off,” Joe Consorti, head of growth at Bitcoin equity company Horizon, <a href="https://x.com/JoeConsorti/status/2019124063847756086" rel="noopener noreferrer nofollow">responded on X</a>, referring to institutional investors with exposure to the US spot Bitcoin exchange-traded funds (ETFs).They saw net outflows of $434 million on Thursday, per data from UK-based investment firm <a href="https://farside.co.uk/btc/" rel="noopener noreferrer nofollow">Farside Investors</a>.<figure><img alt="Bitcoin sees record $10K drop as model says $93.5K may only return in 2028" src="https://s3.cointelegraph.com/uploads/2026-02/019c321e-877c-76a2-901c-0137e111d39d.png" title=""><figcaption>US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors</figcaption></figure> BTC/USD, meanwhile, achieved an unenviable new feat, falling by more than $10,000 in a day for the first time.“Yesterday was the highest volume day on $BTC since August 2024,” trader Jelle <a href="https://x.com/CryptoJelleNL/status/2019670673342488811" rel="noopener noreferrer nofollow">added</a>.<blockquote> “One for the history books.”
</blockquote><h2 id="br-btc-price-trend-reversal-only-in-2028"> BTC price “trend reversal,” only in 2028?</h2>In a grim outlook for Bitcoin bulls, crypto trader and analyst Rekt Capital said that it could be 2028 before a true rebound occurs.Related: <a href="https://cointelegraph.com/news/will-bitcoin-rebound-to-dollar90k-by-march-here-s-what-btc-options-say" rel="noopener noreferrer nofollow">Will Bitcoin rebound to $90K by March? Here’s what BTC options say</a>Using the BTC price cycle model as a guide, including a key moving average crossover at the end of January, Rekt Capital foresees a classic bear market year for 2026.“Looks like it indeed is the year of the Bitcoin Bear Market,” he wrote in an <a href="https://x.com/rektcapital/status/2019382192670212141" rel="noopener noreferrer nofollow">X post</a>.<blockquote> “2027 will be the Bottoming Out year for BTC. And 2028 will be the Trend Reversal year where $93500 would be finally broken.”
</blockquote><figure><img alt="Bitcoin sees record $10K drop as model says $93.5K may only return in 2028" src="https://s3.cointelegraph.com/uploads/2026-02/019c321d-2eba-7606-9b95-8d5c66d29a9d.png" title=""><figcaption>BTC/USD 12-month chart. Source: Rekt Capital/X</figcaption></figure> A separate post warned of “bearish acceleration” on BTC/USD, again mimicking the 2022 bear market.<blockquote class="twitter-tweet"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> The Bearish Acceleration phase of the Bitcoin cycle is in progress<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a><a href="https://t.co/5H7VPvksnH" rel="noopener noreferrer nofollow">https://t.co/5H7VPvksnH</a><a href="https://t.co/XnPU3FeNhO" rel="noopener noreferrer nofollow">pic.twitter.com/XnPU3FeNhO</a>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/2019382741977153864?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 5, 2026</a></blockquote>

Bitcoin sees record $10K drop as model says $93.5K may only return in 2028

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