Bitcoin nears $69K as market approaches early bottom; ETH hits $1,998

Bitcoin (BTC-USD) traded near $69,000 on February 10 as analysts suggest the market may be entering the early stages of bottoming after a recent sell-off. Realized losses totaled roughly $10 billion last week, the second-highest since June 2022, signaling a significant capitulation. “These massive capitulation events typically occur in the final stages of a sell-off,” said Ed Engel of Compass Point. However, Engel notes crypto corrections rarely produce V-shaped recoveries, with bitcoin potentially retesting the $60,000 level and dipping to as low as $55,000. Ether (ETH) fell to about $1,998, extending its year-to-date loss to roughly 30%. Bernstein analysts described the bear case as the weakest in history, with a team led by Gautam Chhugani forecasting bitcoin could reach $150,000 by year-end.