Bitcoin Price Crash To $76,000: Why This Analyst Is Warning Against Buying

Since the recent Bitcoin price crash to $76,000, the broader crypto market has been on high alert, with sentiment shifting to extreme fear levels. A crypto analyst who has shared insights on Bitcoin’s latest market movements predicts more pain for the leading cryptocurrency. He has also warned investors against taking advantage of the decline and buying BTC during this highly volatile and unpredictable period. 

Crypto analyst Tyrex has warned investors against going long on Bitcoin following the recent price crash. Over the weekend, BTC experienced another devastating decline, dropping by more than 14% according to CoinMarketCap. For some investors, this drop may appear as an opportunity to buy the dip and go long on the leading cryptocurrency. However, Tyrex advises against making such a move.

The analyst stated in an X post on February 1, 2026, that Bitcoin had crashed to a new low around $76,000 on January 31, confirming a bearish breakout. He noted that, based on past market movements in which similar setups occurred, excluding fakeouts, Bitcoin is highly unlikely to stage a full recovery back to $85,000. Instead, he said the price is more likely to keep dumping until it completes its downside move and reaches a price discovery at lower levels. 

Tyrex cited Bitcoin’s price action in May 2021, May 2022, and June 22, noting that massive price crashes occurred during these periods after similar breaks in market structure. He said Bitcoin failed to recover quickly in each case and actually continued to crash on the daily chart after the main red candle was printed.   

The analyst’s accompanying Bitcoin chart shows the cryptocurrency trading above $79,000 at the time of his analysis, after it initiated a slight recovery from its previous low near $76,000. He projected on the chart that Bitcoin could soon resume its decline and fall toward the $75,400 region, representing a more than 4.5% decline. 

Tyrex added that a major support level sits around the $74,000 level on the weekly chart, which could temporarily hold off further downside. According to Tyrex, this level is equivalent to a key support near $2,100 for Ethereum. 

In his analysis, Tyrex stated that, given Bitcoin’s latest price crash, structural weakness, and past cycle trends, he expects the cryptocurrency to retest recent lows once again. Considering his view that a recovery is unlikely, the analyst suggests that the near-term outlook for BTC is predominantly bearish. 

He noted that the $74,000 support is the main area for potential long positions. However, he expressed caution, noting that this level may not be particularly strong since it is relatively distant on the weekly chart and could be broken if Bitcoin continues its downward trend.