Analysts explain why BTC just crashed to $65,000 and where the bottom lies

Meanwhile, XRP remains the worst performing altcoin today.

Bitcoin has officially wiped out all the gains recorded following Donald Trump’s re-election to step back from the White House at the end of 2024. The cryptocurrency plummeted to just over $65,000 minutes ago, effectively marking a small loss since the presidential election.

Furthermore, this means it has lost almost $25,000 since last Wednesday. It has also lost almost 50% of its value since its all-time high in early October 2025.

Naturally, investors tend to wonder what the most likely reason behind this crash is. As with all previous declines in recent weeks, this one appears to be inconsistent with problematic fundamentals within the BTC ecosystem as a whole.

Analysts at the Kobeissi Letter indicated that the real reason behind the successive price dumps is ’emotional’ selling. Riskier assets, such as BTC, tend to move regularly due to investor sentiment, and the current bearish trend appears to be driven by a mass exodus without any fundamental basis.

BREAKING: Bitcoin drops below $66,000 for the first time since October 2024, and now – $11,000 this week alone.

This is starting to feel like ’emotional’ selling. pic.twitter.com/SMUczlcNzo

— The Kobeissi Letter (@KobeissiLetter) February 5, 2026

Doctor Profit, an analyst known for his rather bearish calls and who has been predicting a substantial crash for months, noted that they have placed “big buy” orders around $57,000-$60,000, which could be the bottom of the current trend.

The analyst added that they plan to hold the price for two to three months, and that they are not interested in higher purchases.

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“I view $57,000-$60,000 as a great entry point to make money in the short term and gain some serious percentage before we fall further.”

On the other hand, MMCrypto said he believes BTC is indeed in a bear market, but it is almost over in terms of time.

I think this Bitcoin Bear Market is almost over (time-wise).

We are in the final capitulation movement, which may continue for a while. Once we have MAX PAIN, it will be over quickly!

I’m already preparing NOW.

MAKING MONEY TIME IS COMING NEAR! 🚀

— MMCrypto (@MMCrypto) February 4, 2026

Elsewhere, altcoins are also being wiped out, with XRP performing the worst for some reason. The token has fallen almost 20% in just 24 hours and is now struggling below $1.25.