Bitcoin sell-off exposes clash between conviction buyers and structural risks

Bitcoin’s recent sell-off has exposed a growing divide in crypto markets, with long-term bulls calling it a buying opportunity and analysts warning of structural weakness. As of this writing, Bitcoin was trading for $76,819, down by 0.34% in the last 24 hours. Author and long-time Bitcoin bull Robert Kiyosaki framed the decline as a rare accumulation chance, saying "The gold, silver, and Bitcoin market just crashed… I am waiting with cash in hand to begin buying more." His view reflects a buy-the-dip stance among conviction investors.

Others urged caution. CryptoQuant CEO Ki Young Ju pointed to weak fresh capital inflows and a flatlined Realized Cap as signs the sell-off reflects profit-taking rather than sustainable growth, warning that "Bitcoin is dropping as selling pressure persists. When market cap falls in that environment, it’s not a bull market." He added that while a dramatic crash seems unlikely, the market bottom remains uncertain.

Macro strategists at Bull Theory described the move as a sequential, cross-asset chain reaction—"small caps, dollar, equities, metals, crypto"—highlighting broader deleveraging. Quantitative work also offers a contrasting view: a recent power-law model shows BTC trading roughly 35% below its 15-year trend and projects a rebound to $113,000 by mid-2026 and above $160,000 by early 2027, with possible 12-month returns north of 100%, according to the model.

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