PANews reported on February 7th, citing DL News, that Matthew Sigel, Head of Digital Asset Research at VanEck, believes that the drop in Bitcoin to $60,000 was due to a combination of five factors. These include large-scale deleveraging, forced selling by miners, the waning hype surrounding artificial intelligence, the risks of quantum computing, and the psychological impact of Bitcoin's four-year cycle on market sentiment.

However, unlike previous crashes with clear causes (such as the FTX collapse and Terra's bankruptcy), this sell-off lacked a single trigger. This makes predicting the bottom more difficult, but it may also create a clearer picture for recovery.