Analyst Says Bitcoin’s ‘Big Flush’ Still Lies Ahead

Crypto analyst Ivan Liljeqvist warned that Bitcoin (BTC) has not yet reached its cycle bottom and that a significant sell-off still lies ahead.

The remarks come as BTC teases with further upside after testing the $76,000 threshold on Tuesday in a brief rally tied to shifting geopolitical sentiment and a shock US PPI.

Analyst Warns the Bitcoin Bottom Is Not In

Liljeqvist said that Bitcoin has yet to experience what he called “the big flush.” He argued that $60,000 was not the low and that the broader trend remains firmly downward.

“I don’t think $60,000 was the bottom. You can pray for it of course but it won’t help. Trend is still down. The few % bounces are tiny if you zoom out,” he wrote.

Further, the analyst pointed to MicroStrategy’s STRC dividend cycle as a driver behind recent BTC price movements.

Buy pressure on STRC tends to peak around the 15th of each month. That allows Michael Saylor’s firm to issue more shares and raise capital for Bitcoin purchases.

However, Liljeqvist said that MicroStrategy alone cannot push BTC above key resistance levels. He described the current environment as “risk-off since October” and urged capital preservation over aggressive positioning.

Institutional Demand May Limit the Drawdown

Despite the bearish outlook, institutional participation may prevent the steep drawdowns seen in earlier cycles.

Fidelity Digital Assets noted earlier this month that downside risk in 2026 has been less dramatic than in prior periods.

The firm attributed this to roughly 12% of BTC’s circulating supply now held by public companies and ETFs.

Previous retail-driven cycles produced far sharper declines. BTC fell 82% after its 2017 peak and 77% following the 2021 high. The current drawdown of roughly 40% from its last all-time high suggests a structural shift in how bear markets play out.

Still, whether institutional buying floors hold or give way to deeper capitulation remains the central question for traders watching BTC heading into the second half of 2026.

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