Following Bitcoin’s recent drop to $76,000, the broader cryptocurrency market has grown increasingly anxious, with sentiment reaching extreme fear levels. An analyst who has been tracking Bitcoin’s movements is predicting further declines for the leading cryptocurrency. He is also cautioning investors against viewing this drop as a buying opportunity, advising them to avoid purchasing BTC during this highly volatile and uncertain period.
Analyst Advises Against Buying the Dip
Crypto analyst Tyrex has warned investors against taking long positions on Bitcoin after its latest price crash. Over the weekend, BTC saw another sharp decline, falling over 14% according to CoinMarketCap. While some investors may see this as a chance to buy at a lower price, Tyrex advises against it.
In a post on X dated February 1, 2026, the analyst noted that Bitcoin had crashed to a new low around $76,000 on January 31, confirming a bearish breakout. Based on similar past market patterns, excluding false breakouts, he believes a full recovery back to $85,000 is highly unlikely. Instead, he expects the price to continue falling until it completes its downward move and finds a new, lower level.
Tyrex pointed to Bitcoin’s price action in May 2021, May 2022, and June 2022, where significant crashes followed similar breaks in market structure. In each case, Bitcoin did not recover quickly and continued to decline on the daily chart after the major drop.
The chart accompanying his analysis showed Bitcoin trading above $79,000 at the time, following a slight recovery from its low near $76,000. He projected that Bitcoin could soon resume its decline, potentially falling toward the $75,400 region—a drop of more than 4.5%.
Tyrex added that a major support level sits around $74,000 on the weekly chart, which might temporarily halt further declines. He compared this level to a key support near $2,100 for Ethereum.
Analyst Outlines Likely Path for BTC
In his analysis, Tyrex stated that given Bitcoin’s recent crash, structural weakness, and past cycle trends, he expects the cryptocurrency to retest its recent lows. With a recovery seeming unlikely, he views the near-term outlook for BTC as predominantly bearish.
He identified the $74,000 support level as the main area for potential long positions. However, he urged caution, noting that this level may not be strong enough to hold, as it is relatively distant on the weekly chart and could be broken if Bitcoin’s downward trend continues.
Frequently Asked Questions
FAQs Bitcoin Price Drops to 76000 Why One Analyst Advises Against Buying Now
BeginnerLevel Questions
1 What does it mean when an analyst advises against buying Bitcoin now
It means a financial expert who studies market trends believes the current price even after a drop might not be a good entry point They expect the price could fall further so waiting might get you a better deal
2 Bitcoin just dropped to 76000 Isnt that a discount Shouldnt I buy
While a drop can feel like a sale analysts look at broader patterns This specific analyst likely sees indicators suggesting this isnt the bottom yet and buying during a downtrend can lead to immediate losses if the price continues to fall
3 What are common reasons a price might drop like this
Common reasons include large investors selling negative news or regulatory fears a broader market downturn or simply profittaking after a big rally
4 As a beginner whats the safest thing to do when prices are volatile
The safest strategies are 1 DollarCost Averaging Invest a fixed small amount regularly regardless of price which smooths out volatility 2 Do nothing and research Use the time to learn more instead of making a rushed decision
Advanced Strategic Questions
5 What specific technical or onchain indicators might this analyst be looking at
The analyst is likely examining SupportResistance Levels Seeing if 76k is a weak support that could break Momentum Indicators Checking if the asset is still overbought even after the drop Exchange Flows Monitoring if coins are moving to exchanges Derivatives Data Looking for excessive leverage in the market that needs to be unwound causing further drops
6 How does buying the dip strategy differ from waiting for a trend reversal
Buying the Dip Attempting to buy during any price decline assuming it will bounce back quickly This can be risky if you catch a falling knife