BlockBeats News, January 23 — According to Cointelegraph, several analysts expect 2026 to be a bear market year for Bitcoin, with multiple forecasts suggesting Bitcoin’s price could fall back to around $58,000. Analyst Titan of Crypto recently stated, “Bitcoin has just issued a bear market signal,” based on a bearish crossover in the MACD on a two-month cycle. He pointed out that, based on historical experience, similar technical patterns often trigger a 50%–64% retracement.
The latest round of selling has caused BTC to retreat approximately 9% from its 2026 high of $97,930. As a result, Bitcoin has broken through several key support levels, including the current 75% percentile cost basis at $92,940. Glassnode posted on Thursday that Bitcoin “has now fallen below the cost basis of 75% of the supply, indicating that distribution (selling) pressure is increasing,” and added, “The risk has clearly shifted upward, and the downside remains dominant until the level is reclaimed.”
Trader Merlijn The Trader analyzed that Bitcoin’s price “has returned to the support level of the upward trendline,” which is in the range of $89,000–$90,000. He further explained that if this level is broken, the price is likely to retest the lower end of the range, around $84,000. The Bitcoin cost distribution heatmap shows that over the past six months, investors have accumulated approximately 941,651 BTC near this price level, indicating that this range is a significant key support zone.
The next important support level is around $80,000. Historical data shows that approximately 127,000 BTC were bought in this price range previously. Several analysts believe that weakening derivatives markets, long-term holder selling, and increased transfer of Bitcoin to trading platforms could push Bitcoin into a more sustained downtrend this year.
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