The Milk Road Show Bitcoin Capitulation Signals Are Flashing... Now What? w/ Jamie Coutts
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Feb 12, 2026 
Jamie Coutts, Real Vision’s chief crypto analyst who studies Bitcoin cycles and liquidity, breaks down the signals before the recent Bitcoin top. He walks through momentum divergences, capitulation metrics, and why bottoms may be multi-month processes. He also explores changing liquidity mechanics, reserve stress, and how tokenization and on-chain activity could shift value accrual for major chains.
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Weekly Momentum Divergence Warned Of A Top
- Jamie Coutts spotted technical warning signals before the drawdown, including weekly momentum divergences that acted as reversal warnings.
- He stresses longer timeframe indicators give warnings, not exact timing, so prepare for weeks or months to resolve.
Capitulation Metrics Signal Near-Term Value
- Multiple capitulation metrics across funding rates, realized losses, and long liquidations are firing, indicating exhaustion in the market.
- Coutts views current prices as deep value for core networks, but he warns the bottom may still unfold over months.
Scale In Over Months, Not Days
- Expect a multi-month bottoming process and avoid assuming an immediate V-shaped recovery.
- Don't rush to fully accumulate; scale into core assets over months while watching volatility and trend reversals.