Veteran Analyst Explains Why Bitcoin Is Not Pumping

Bitcoin selling pressure is still outweighing demand and buying pressure as the bears are keeping markets suppressed.

“Why is Bitcoin not pumping?” asked analyst and Stock-to-Flow model founder PlanB on Wednesday.

He said that 50% is selling by “OGs traumatized by 2021, technical investors looking at RSI [relative strength index], and four-year cycle fans expecting a bear market two years after the halving.” The other 50% is buying from investors looking at fundamentals, institutional, TradFi, and banks.

It is an “epic battle … until sellers are out of ammo,” he said.

Bears Are Beating The Bulls

The reality is that the bears are currently winning the battle, but not the war. Bitcoin has declined around 31% from its all-time high, but such a correction is not unusual and has been seen many times in previous cycles.

“Bitcoin can definitely go lower from here, but it’s not my base case,” said crypto entrepreneur Joe Consorti.

He added that when the asset was this oversold in late 2018 on the weekly time frame, it dumped another 44%. The same scenario in 2022 saw a further 54% drop.

“If a proper bear market is underway, things can get much worse.”

However, BTC could also “chop around and form a bottom here,” as it did in September 2024 and April 2025, he said before adding, “bottom formation takes time.”

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Meanwhile, senior commodity strategist at Bloomberg Intelligence, Mike McGlone, was extremely bearish, stating, “I expect Bitcoin to revert back toward $10,000.” A decline below the bottom of the last cycle, which was around $15,000, is highly unlikely and would likely signal the end of the road for all crypto assets.

Nevertheless, Bitcoin is currently in its longest-ever consecutive “extreme fear” streak, according to the Fear & Greed Index and market observers.

Bitcoin Price Outlook

Bitcoin has recovered marginally from its low of $85,000 on Monday, briefly approaching $88,000 on Tuesday.

However, there just wasn’t enough buying pressure at these levels, which caused the asset to fall back to $87,500 during the Wednesday morning Asian trading session.

Zooming out reveals that BTC has been range-bound for the past month, following massive declines in October and November. This could be the formation of a bottom or a final cling to support before another crash.

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