Bitcoin is on course to see five red months in a row, as it is currently down over 16% to start this month after closing the last four consecutive months in the red. The Bitcoin decline has also impacted the crypto market, which has lost a significant portion of its market value during this period.
Bitcoin Facing Five Red Months As Crypto Market Struggles
Cryptorank data show that Bitcoin is now facing its fifth consecutive red month, down 16% this month after closing October, November, December, and January in the red. The last time this happened to BTC was in 2018, when it entered a bear market after reaching record highs in 2017. The crypto market is also facing downside pressure, having lost nearly half of its market value since October.
Crypto analyst Benjamin Cowen has stated that October 2025 marked the top for Bitcoin and the crypto market and that they are now in a bear market. He noted that bear markets don’t last and that better times will come. He further opined that October 2026 is a good time for a market low, though he added that he is open to the bottom occurring sooner if the meltdown accelerates.
Bitcoin crashed over 13% yesterday, dropping to as low as $60,000 as the crypto market sell-off accelerated. A number of factors are believed to have contributed to this bearish price action, including the Fed’s hawkish pivot following last week’s FOMC meeting, where they decided to hold rates steady. Furthermore, Trump nominated Kevin Warsh as the next Fed chair, and the markets reacted negatively to the nomination.
Meanwhile, Bitcoin continues to face significant selling pressure from the BTC ETFs, which have recorded three consecutive months of net outflows. SoSoValue data show these funds are on course to record a fourth straight month of net outflows, with $690 million in net outflows this month.
BTC Could Still Drop To $42,000
Veteran trader Peter Brandt predicted that a Bitcoin drop to $42,000 was on the cards, but that it is unlikely to go much lower. This came as he stated that the bulls would not need to suffer too “far south of $42,000” if BTC digs into the Banana peel as deeply as in past bear market cycles. He added that it is a “hop, skip, and jump” from that level. The broader crypto market is also expected to find a bottom when BTC bottoms.
In an earlier X post, Brandt stated that Bitcoin’s decline has all “the fingerprints of campaign selling, not retail liquidation” and that it is always unknown when such a pattern ends. His comment came just before the BTC decline below $63,000, which he highlighted as the next target for the leading crypto.
At the time of writing, the Bitcoin price is trading at around $65,800, down over 6% in the last 24 hours, according to data from CoinMarketCap.