On-chain activity for the leading cryptocurrency has been declining for six consecutive months, noted CryptoQuant analyst G a a h.
Bitcoin Records Low Network Activity For Six Consecutive Months
— CryptoQuant.com (@cryptoquant_com) February 23, 2026
“Last time a similar movement occurred was in 2024, when the price of Bitcoin underwent a slight correction of -30%” – By @gaah_im pic.twitter.com/1LiVhyD8UO
The number of active addresses has dropped to around 30,000. According to the expert, a similar trend was last seen in 2024 when Bitcoin's price fell by 30% from its peak.
Low activity levels typically indicate waning interest in the asset and losses for investors. G a a h emphasized that the lack of new users and transactions suggests a prolonged consolidation phase: buyers are not yet ready to enter the market at current levels.
What About the Price?
As of this writing, Bitcoin is trading at approximately $66,300, down 2.7% over the past day.
On February 23, the price dipped to a local low of $64,435. Analysts attributed the decline to a combination of factors:
- Mass unrest in Mexico has dampened global investors' interest in risk assets;
- In the U.S., the pending home sales index has fallen to its lowest level since 2001;
- U.S. authorities announced an increase in global tariffs from 10% to 15%;
- Market participants anticipate a shift by the Bank of Japan towards a tighter monetary policy.
Currently, Bitcoin's price is 47.5% below its all-time high of $126,080 reached in October 2025.
Forecasts
A trader known as Castillo Trading believes the current levels could present a good entry point for long positions. He noted that Bitcoin has retested the nPOC level—an important high-volume zone at $64,979—that had previously remained untouched.
There it is.
— Castillo Trading (@CastilloTrading) February 23, 2026
$64,979 nPOC closed on $BTC#Bitcoin https://t.co/pgthvMWXDa pic.twitter.com/BuaHGBLkcw
Based on the chart, the expert expects a rebound from this level to $78,200.
Another trader, BitBull, also sees potential for growth targeting around $76,000. However, he stated that a new decline would follow after reaching that level.
Analyst Roman maintains a bearish outlook, predicting a retest of global lows targeting $50,000.
$BTC 1W
— Roman (@Roman_Trading) February 23, 2026
Volume increasing while price is going down is the definition of strong bearish price action.
We should expect trend to continue lower, especially to 50-52k area.
Likely get a bounce there but ultimately I’m expecting lower after that. pic.twitter.com/ldQ2bi51DX
“Increasing volume with falling prices is a classic sign of strong bearish movement. We should expect the downward trend to continue, especially in the $50,000-52,000 range. A bounce may occur there, but ultimately I expect further declines,” he wrote.
On-chain analysts IT Tech pointed out that the Coinbase premium remains negative, indicating that institutional buyers from the U.S. are not participating in current market movements or buying the dip.
Coinbase Premium is still negative. Day after day.
— IT Tech (@IT_Tech_PL) February 23, 2026
US spot buyers are not here. They're not buying the dip.
They're watching.
When Coinbase Premium flips green and holds — that's when
institutional demand is back. Not before.
Until then:
— No spot accumulation from US
— ETF… https://t.co/zwwBoOzO2V pic.twitter.com/MOwPWTmYZQ
Experts emphasized that until the premium turns "green" and holds, it is premature to discuss a return of institutional demand. Under current conditions:
- U.S. investors are not accumulating the asset on the spot market;
- The dynamics of ETFs do not confirm a bottom formation—nearly $1 billion has been withdrawn from exchange-traded funds since early February, according to SoSoValue;
- Despite potential price stabilization, there is no real buying demand.
End of the Market Cycle
Meanwhile, major players are betting on a Bitcoin rebound, sharply reducing their short positions in the digital gold.
MN Trading founder Michael van de Poppe noted that the bear market has lasted for 14 months and is now nearing its final point. A similar view was expressed by CryptoQuant analyst Ignacio Moreno de Vicente, who pointed out the decline in USDT market capitalization.
The information portal Coin Bureau also stated that the sector is approaching the largest crash in history. Experts believe this could signal the end of the market cycle.
⚠️ CRYPTO MAY BE HEADING TOWARD ITS LARGEST CRASH EVER
— Coin Bureau (@coinbureau) February 23, 2026
The magnitude of losses now places this selloff among the most severe events in market history.
Over $2.22 TRILLION has already been erased, sending crypto down more than 50% from its peak.
This is now the 2nd biggest… pic.twitter.com/OoJzoJti4Q
The current sell-off has become one of the most significant events in financial market history. Since the peak, the cryptocurrency market capitalization has shrunk by over $2.22 trillion (-50%).
This is the second-largest crash of digital assets in dollar terms. It is only $60 billion away from the largest crash in history.
It’s worth noting that 50% of the last 24 months ended positively for Bitcoin. Based on this data, economist Timothy Peterson assessed the probability of the leading cryptocurrency rising in the next 10 months at 88%.