Feb 20, 2026
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BEARISH 📉 : Bitcoin faces uncertainty as dominant buyers remain inactive
- Bitcoin's current price range of $60,000–$70,000 is often interpreted as a market bottom due to signs of extreme fear and washed-out positioning.
- CryptoQuant contributor Mignolet argues that without visible buying from dominant buyers, these signals may not indicate a true bottom.
- Mignolet highlights the absence of institutional demand seen in past cycles, notably through US spot Bitcoin ETFs like BlackRock's IBIT and Fidelity's FBTC.
- The accumulation patterns of major players such as FBTC are no longer present, suggesting a lack of support against selling pressure.
- Mignolet warns that despite current price levels, traders should be cautious of further market shocks and not rely solely on existing data signals.
- Structural changes in market narratives, driven by widespread on-chain analytics, could lead to uniform expectations and risk during downturns.
- He anticipates sideways movement with volatility rather than a clear trend reversal, advising investors to monitor liquidity flows and market sentiment closely.
- The overall outlook remains bearish, with potential for larger or prolonged declines.
At press time, Bitcoin traded at $67,889.
