Bitcoin to 10,000? A Nabokovian Whimsy on Market Turmoil

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A veteran Bloomberg Intelligence strategist, a certain Mr. Mike McGlone, has whispered with the sly gravity of a practiced stage manager that Bitcoin might promenade toward the dreary vales of ten thousand dollars, as the world’s markets wear the same anxious mask they wore in crises long past. If fate had a punchline, it would be this: the ledger trembles, and the butterfly of fortune flaps its wings in a room full of economists and emojis.

Three Signs the Washout Is Getting Real

1. Bitcoin implied volatility (BVIV) at 88.55, closing in on the FTX-collapse peak of 105 (h/t @volmexfinance)

2. 8th largest Coinbase trading day ever by USD value ($3.34B). At ~$62K, that’s roughly 54,000 BTC…

– Jamie Coutts CMT (@Jamie1Coutts) February 6, 2026

Coutts also pointed to Coinbase’s eighth-largest daily trading volume on record at $3.34 billion, or roughly 54,000 BTC, as traders rushed to re-position. Simultaneously, the daily Relative Strength Index slid to 15.64, a shade below the lows seen during the March 2020 pandemic crash.

“The current margin calls and forced liquidations are typical of a capitulation phase,” Coutts wrote, adding that market bottoms often form over days or weeks rather than in a single explosive session.

Based on past averages and the live prices, some analysts argue that Bitcoin could find support in the $50,000 to $60,000 range. Others insist the present decline is not the birth of a total collapse but a recalibration after the exuberant gains of 2024 and 2025.

Yet the horizon remains perilous. If prices slip again, large corporate holders, mining outfits, and highly leveraged traders may endure fresh strain. As the market seeks a stable breath, traders steel themselves for more volatility in the weeks ahead, courtesy of scarce liquidity and fading confidences.

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2026-02-06 07:24