Bitcoin Could Drop to $63,800 Amid Institutional Selling, Says Peter Brandt

Bitcoin’s BTC $71 420 24h volatility: 6.1% Market cap: $1.43 T Vol. 24h: $93.84 B selloff has continued, with the price falling another 8% over the past 24 hours to around $70,500.

Market veteran Peter Brandt said the decline may not be over, warning that an additional 10% drop remains possible.

Following the recent slide, Bitcoin has erased more than $500 billion from its market capitalization in less than a month.

Bitcoin Could Drop Further as Coordinated Selling Persists

Bitcoin’s price fell another 7% over the past 24 hours to around $70,000, triggering roughly $400 million in liquidations.

Veteran trader Peter Brandt said the recent pullback appears to reflect coordinated selling rather than retail-driven liquidation.

In a post on X, Brandt noted that Bitcoin has logged eight straight days of lower highs and lower lows.

He described the pattern as “campaign selling,” which he believes is driven by large market participants.

Brandt added that he has seen similar setups many times over the decades, usually linked to institutional activity rather than retail panic.

Based on those past patterns, he said Bitcoin could fall further toward the $63,800 level.

Has the BTC Bear Market Started?

CryptoQuant said Bitcoin’s current downturn is unfolding at a faster pace than the 2022 bear market.

The firm noted that after Bitcoin dropped below its 365-day moving average on November 12, 2025, the price fell 23% over 83 days, compared with a 6% decline over the same period in early 2022.

As per CryptoQuant, the crypto winter of 2025 seems even more aggressive, suggesting a weaker market structure relative to the previous bear phase.

U.S. spot Bitcoin ETF data shows that institutional demand for BTC has weakened sharply.

At the same point last year, U.S. spot ETFs had accumulated around 46,000 BTC. In 2026, they have instead become net sellers, offloading roughly 10,600 BTC.

This shift represents a demand gap of about 56,000 BTC compared with 2025 and has contributed to the continued selling pressure in the market.

During the February 4 trading session, spot Bitcoin ETFs recorded total outflows of $545 million, with BlackRock’s iShares Bitcoin Trust (IBIT) accounting for the largest share at $373 million, according to data from Farside Investors.

IBIT’s share price fell 4% on February 4 and is now down more than 18% since the start of 2026.

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