On his weekly BTCUSD chart, Inks annotated what he sees as a five-wave decline into early 2026, followed by sideways consolidation around a \u201cweekly pivot,\u201d after what he described as a sharp recovery late last week. The implication is less about calling a definitive bottom and more about sequencing: if the five-wave leg is complete, the next phase is typically corrective or base-building rather than an immediate continuation lower.<\/p>\n
![\"Has](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2026\/02\/HAuQl9CboAAqPhs-1.jpg?resize=1024%2C569\")
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Inks also separated the catalysts. The 2022 breakdown coincided with the TerraUSD depeg and ensuing market dislocation, a reflexive shock that tightened collateral and impaired liquidity across venues. By contrast, he framed last week\u2019s selling as risk reduction rather than crisis fallout.<\/p>\n
\u201cAnother difference between the two periods is that the former coincided with the TerraUSDT depeg and break down which was a market structural event that was the catalyst for the Bitcoin breakdown at that time,\u201d Inks wrote. \u201cAs I’ve been mentioning, last week’s breakdown was a degrossing (risk-off position reduction). These are two wholly different market moves.\u201d<\/p>\n
\u201cDoes this guarantee that the low is in? Of course not, but if you’re comparing two events then you should compare how they occurred and not just that the price action looks kinda similar,\u201d he added. \u201cThat way, if price does something other than what it did last time you won’t be running around in disbelief screaming \u2018manipulation\u2019 and \u2018what’s going on!\u2019\u201d<\/p>\n
Inks said Bitcoin failed to reclaim a weekly close back inside the prior range around $75,000, leaving open the possibility that the selloff was a \u201cterminal shakeout\u201d rather than the start of a deeper trend. His roadmap, however, was explicitly time-based: he wants to see the low hold for \u201cthe next 2\u20133 weeks\u201d with \u201cdeclining volumes on\u00a0the pullbacks,\u201d plus a higher low on the weekly timeframe and \u201ccompression below resistance instead of rejection.\u201d<\/p>\n
He also tied the move to rates positioning. Inks pointed to a two-year Treasury note futures chart that, in his view, remained coiled rather than breaking higher alongside the risk-off episode, another data point supporting the idea that last week\u2019s selling was \u201cpre-resolution positioning rather than post-crisis fallout.\u201d<\/p>\n
With regards to the lower timeframes (1-hour chart), Inks urged for patience: \u201cBitcoin continues to consolidate sideways around the weekly pivot, within the range shown. Not surprising after Friday’s strong recovery. Takes time to build confidence after something like that. And if you are hoping the low is in, then that’s what you should prefer to see rather than continued move straight up without building bases to provide support on pullbacks.\u201d<\/p>\n
![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2026\/02\/HAvgu_mWAAE6Dhv.jpg?resize=1024%2C569\")
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At press time, BTC traded at $68,639.<\/p>\n
![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2026\/02\/BTCUSDT_2026-02-10_13-20-41.png?resize=1024%2C499\")
<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin\u2019s latest drawdown from its all-time high is being compared to 2022 across crypto Twitter (the similarities are obvious), but some technicians argue the similarity is mostly superficial. In a series of posts, TexasWest Capital CEO Christopher Inks said the current move looks like a completed five-wave decline tied to a positioning washout, not the…<\/p>\n","protected":false},"author":1,"featured_media":9914,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[245],"tags":[65,1752,111,73,112,113],"class_list":["post-9913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-bear-market","tag-bitcoin-news","tag-btc","tag-btc-news","tag-btc-price"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/9913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=9913"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/9913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/9914"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=9913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=9913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=9913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}