[Analysis] "Bitcoin at risk of a fifth straight monthly decline…longest downturn since 2018"

As the likelihood grows that Bitcoin (BTC) will close this month lower, analysts say it could mark the longest stretch of weakness since 2018.

On the 28th (Korea time), cryptocurrency-focused outlet CoinDesk reported, "Bitcoin is showing weakness ahead of February’s close," adding that it is "expected to extend a string of five consecutive monthly declines."

If Bitcoin fails to stage a reversal and posts another monthly drop in February, it would log the longest run of consecutive monthly declines since 2018.

Some in the market view the slide not as a simple downtrend but as a repricing of risk assets tied to a “structural regime shift.” Mati Greenspan, founder of Quantum Economics, said, "Tariffs, exchange-traded fund (ETF) outflows, and macroeconomic instability triggered the pullback, but more fundamentally, a revaluation of risk assets is underway as uncertainty rises," he said.

Others are also warning of the risk of further downside. Jonathan Landin, an analyst at PrimeXBT, noted, "Bitcoin is down 52% from its peak, but given past bear markets that have seen drawdowns of more than 80%, the decline may still be only about halfway through." The net outflow of $3.8 billion from spot Bitcoin ETFs over the past five weeks is also cited as a headwind.

Meanwhile, as of 10 p.m. today, Bitcoin is trading at $64,076 on Binance, down 2.98% from the previous day. Bitcoin fell as low as $63,000 intraday after the U.S. and Israel carried out airstrikes on Iran, but it has since recouped part of its losses.