All eyes are fixed on bitcoin as the top digital asset by market capitalization now sits more than 44% beneath the all-time high north of $126,000 logged on Oct. 6, 2025. After a wipeout of that magnitude, commentary is everywhere—and nobody is staying quiet.

“This drawdown feels horrible, not because of the magnitude, but because it’s unfair,” Samson Mow, CEO of JAN3, wrote on X. “Everything goes up, but we’re sideways. AI bubble fears? We go down. Metals crash? We go down too. However, absolute scarcity is real and it will hit a limit. We can’t be pushed down forever,” Mow added.

Also read: Bitcoin Battles to Defend $69K—Bears Smell Blood

Bitcoin, and the crypto market more broadly, has been running into stiff headwinds. These pressures range from geopolitical flashpoints—such as the risk of conflict between the U.S. and Iran—to trade wars among major world powers. At the same time, stocks and bonds have been swinging wildly, while a growing chorus argues the artificial intelligence (AI) sector is flirting with bubble territory.

Balaji Srinivasan, former CTO of Coinbase and a general partner at Andreessen Horowitz, weighed in on X, declaring he’s “never been more bullish on crypto.” He argued that as a rules-based system erodes and a code-based alternative takes shape, short-term price moves amount to little more than noise.

“As international law breaks down, we will need not just onchain currencies, but onchain companies. As the post-war order breaks down, we’ll similarly need the post-internet order. States will fail, and the network will take their place,” Srinivasan wrote. His remarks were in response to a post predicting turbulence ahead, which read, “I’m telling you guys the next 3 months are about to get wild.”

Amid bitcoin’s price deterioration, well-known venture capitalist Tim Draper offered his take. “The bitcoin opportunity is palpable. In it for the long haul. Waaay better and more secure than trusting leaky banks and spending governments,” Draper argued. Even rock star and Kiss frontman Gene Simmons chimed in with his own two cents on the downturn. Simmons wrote:

“My personal philosophy re Bitcoin is to hold (HODL). I firmly believe in the future. You need to do your own research and make your own decisions.”

Former Massachusetts Senate candidate John Deaton contends that bitcoin’s current price stall, even amid supportive market conditions, stems from deliberate pressure applied by traditional financial institutions. He likens the dynamic to the long-running suppression of silver, arguing that banks historically leaned on aggressive shorting in futures markets to steer prices lower regardless of real-world demand.

Deaton pointed to what he sees as an open clash between incumbents and upstarts, writing on X, “We see the old guard – JPMorgan and Jamie Dimon – publicly attacking the new guard – Coinbase and Brian Armstrong.”

Deaton’s commentary was in response to Galaxy Digital’s Mike Novogratz who appears in an Altcoin Daily video stating, “ Bitcoin was not supposed to act like this. Something went wrong. I think we’re getting close to the bottom, but we’ll see.” Software engineer and Casa co-founder and CTO Jameson Lopp kept it simple, suggesting that the best response is to keep stacking and tune out the noise.

“You can just set up an auto DCA and walk away,” Lopp wrote on X. “Watching charts, reading gossip about who’s buying & selling… it’s all high time preference dopamine inducing waste of time. You can be confident that central banks will continue printing. Short term volatility is noise.” Pierre Rochard, CEO of The Bitcoin Bond Company, brushed aside the chatter and said:

“So far this is the least worst bitcoin ‘ bear market.’”

Whether framed as manipulation, macro pressure, or mere noise, bitcoin’s slide has clearly reignited debate across the spectrum. For now, conviction is being tested more than narratives. As of 10:20 a.m. EST on Feb. 5, BTC was trading below $68,000 per unit on Bitstamp, a level that leaves the market suspended between lingering anxiety and long-term belief in the asset’s underlying thesis amid heightened global uncertainty ahead.

• Why is bitcoin below $70,000? Bitcoin has pulled back amid macro uncertainty, geopolitical tensions, and broader volatility across equities, bonds, and crypto markets.
• What is bitcoin’s price today? As of 10:20 a.m. EST on Feb. 5, bitcoin was trading below $68,000.
• What are analysts saying about the drop? Commentators are split, with some citing market pressure and others dismissing the move as short-term noise.
• Is this a bear market for bitcoin? Several industry figures argue the current downturn is mild compared with past cycles and does not invalidate the long-term thesis.

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