Bitcoin price is dead. Again. At least that’s what the iconic Rainbow Chart as svg path .cwp-coin-chart { stroke-width: 0.65 !important; } .cwp-coin-widget-container .cwp-graph-container.positive svg path:nth-of-type(2) { stroke: #008868 !important; } .cwp-coin-widget-container .cwp-coin-trend.positive { color: #008868 !positive; background-color: transparent !important; } .cwp-coin-widget-holder .cwp-coin-popup-holder .cwp-coin-trend.positive { border: 1px solid #008868; border-radius: 3px; } .cwp-coin-widget-container .cwp-coin-trend.positive::before { border-bottom: 4px solid #008868 !important; } .cwp-coin-widget-container .cwp-coin-price-holder .cwp-coin-trend-holder .cwp-trend { background-color: transparent !important; } .cwp-coin-widget-container .cwp-graph-container.negative svg method:nth-of-type(2) { stroke: #A90C0C !important; } .cwp-coin-widget-holder .cwp-coin-popup-holder .cwp-coin-trend.negative { border: 1px solid #A90C0C; border-radius: 3px; } .cwp-coin-widget-container .cwp-coin-trend.negative { color: #A90C0C !important; background-color: transparent !important; } .cwp-coin-widget-container .cwp-coin-trend.negative::before { border-top: 4px solid #A90C0C !important; }
Bitcoin
7.30%
Bitcoin
BTC
Price
$71,647.60
7.30% /24h
Volume in 24h
$74.07B
Price 7d
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it pulls to $72,000 in early February 2026, below its recent high of $78,725.
Crypto Twitter sentiment now contradicts the despair seen after the FTX crash in 2022, with many arguing that this halving cycle has already failed.
The rainbow chart has become more and more flexible each year. If we were still using the OG chart from 2016 the price would be miles below the actual rainbow; it originally had BTC in the $1,000,000+ range at the moment.
Thank you, rainbow, I have accumulated a lot more than 100k because this chart told me. Now what? They should send a rainbow that touches the Earth.
The Rainbow Chart tracks Bitcoin against bands of sentiment from “Bitcoin is dead” to “bubble territory.” The chart has entered 457 Bitcoin obituaries since 2010. It’s not predictive, it’s psychological. Purple and blue means capitulation. Orange and red means madness.
Here are two more factors that lead many to say that this bear market is just getting started:
DISCOVER: 20+ Next Crypto to Explode in 2026
1. Emergency Talks on Clear Law Collapse Over Trump and UAE Suspicions
Crypto policy has recently become a criminal investigation.
New York Senator Chris Murphy accused Trump of “potentially criminal conduct” with the UAE pouring money into Trump family crypto ventures through World Liberty Financial, and overseeing the rapid approval of crypto legislation.
According to a report by The Wall Street Journal, an estimated $187 Mn was directed to Trump family organizations and another $31 Mn to the family of special envoy Steve Witkoff.
Murphy mentioned the $500 Mn deal in which UAE-backed Aryam Investment acquired 49% of World Liberty Financial four days before Trump took office, which included a succession of books as a quid pro quo.
“That’s corruption. Those are elements of bribery. This could be a crime.” -Chris Murphy, Senator, Senate Floor Remarks
Crypto Twitter debates whether democrats hate crypto more than Trump; just trying to get the money out as long as possible. He never really became a crypto.
The lawsuit came as the White House hosted a closed-door crypto conference with Ripple, Coinbase, Kraken, Tether, and Circle, trying to end the provision of stablecoin yields in line with the CLARITY Act.
No deal has been reached, but the February deadline looms.
FIND OUT: Top 20 Cryptos to Buy in 2026
2. Are Bears Right? Crypto Supercyclists Down Hard in 2026
Some retailers see the worst. Crypto trader Rektmando argues that Bitcoin does not have structural support until the middle of the lower range of $60,000, while others point to $67,000 as a possible point of the cycle.
The pressure is not isolated to Bitcoin. Ethereum has fallen sharply from above $3,000, with a large leveraged position reportedly facing liquidation near $1,800.
Veteran investor Michael Burry added fuel by sharing a logarithmic Bitcoin chart that suggests a recording pattern similar to the peaks of the previous cycle.
$BTC Patterns pic.twitter.com/Ax595mNXrD
– Cassandra Unchained (@michaeljburry) February 4, 2026
GET: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x by 2026
Noah’s Ark Type Washout Coming? What the Data Really Means
Bitcoin is down 17.5% to 20% year to date through early February 2026—from $87,500 to a low of $70,000. A growing Treasury yields risk assets that are crushed across the board.
Meanwhile, great cyclists like Raoul Pal, Arthur Hayes, and Tom Lee keep calling all-time highs even if they’ve been wrong. The $67,000-$70,000 area is important. Break below that and $60,000 comes quickly.
Until the hopium dies, the fall continues. Just remember, after the flood is the rainbow.
CHECK: Ethereum Is Dying, Or Is This The Biggest Buy Signal Of The Decade?
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Key Takeaways
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Bitcoin price is dead. Again. At least that’s what the iconic Rainbow chart says as the price climbs to around $72K
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Meanwhile, great cyclists like Raoul Pal, Arthur Hayes, and Tom Lee keep calling all-time highs even if they’ve been wrong.
The post Why Bitcoin Price Is Vulnerable, Explained by Princess Rains (41) appeared first on 99Bitcoins.
