On October 6, 2025, Bitcoin reached $126,296, its highest peak to date. At the start of 2026, he was still flirting with $100,000… before everything collapsed last February. Since then, it has been a rout. This Wednesday June 24, 2026, Bitcoin even broke important support, falling below $60,000 for a few hours. While it’s hovering around $61,000 currently, that’s a 50% loss from that high. For individuals who have invested at the highest level, this can be difficult to cash out. And the temptation is great to react. But in what sense? Sell to limit breakage? or buy back down?
Thibault Desachy, head of private management at Coinhouse, immediately tempers: “A correction of this magnitude remains relatively classic in the history of Bitcoin. Each bullish cycle has been punctuated by significant decline phases before regaining positive momentum. » But this time we also face a structural change: Bitcoin is no longer held primarily by individuals. Spot ETFs launched in the United States in 2024 have attracted institutional investors, who are now integrating crypto into their portfolios, like any financial asset. “When investors reduce their exposure to risk, Bitcoin is now affected in the same way as other assets”he explains. The rise in the dollar linked to geopolitical tensions in the Middle East accentuated the correction, since the American currency generally moves inversely to risk assets.
Sell, hold or buy back?
This is the question that every individual experiencing capital loss asks themselves. According to Thibault Desachy, “For investors positioned with a long-term vision, the mistake often consists of calling into question their strategy after a correction that has already largely taken place. » In other words, selling after a 50% fall means crystallizing a loss at the worst time. Scaling up to take advantage of the decline is also not the ideal strategy for all investors. “What matters is maintain consistent investment discipline with his horizon and his convictions”he insists. Correction phases have historically been interesting accumulation periods for long-term investors, even if they necessarily remain uncomfortable when they occur.
As for the question of what signals to look for to know if we are at the bottom of a cycle, or if the decline can continue, “no one is able to identify a precise low point with certainty”recalls the expert. He says he keeps an eye on “flows to spot Bitcoin ETFs”Who “give an indication of the appetite of institutional investors”, as well as on the “global macroeconomic conditions”such as interest rates, global growth and the level of risk aversion.
Finally, the cyclicality of halving, the event that halves the reward for Bitcoin miners every four years, can also be an indicator. “It makes it possible to estimate with a certain precision a low point in the cycle based on past movements. If history repeats itselfwe should reach a low point within a few weeks, with a recovery for the start of the 2026 school year.” But his conclusion remains pragmatic: “The market is going through more of a crisis of patience than a crisis of confidence. The fundamentals of Bitcoin have not changed, but investors must deal with a macroeconomic environment that remains demanding. »
