Several analysts predict that Bitcoin will be in a bear market in 2026, potentially dropping to $58,000.

BlockBeats News, January 23, according to Cointelegraph, several analysts predict that 2026 could be a bear market year for Bitcoin, with multiple forecasts suggesting that the Bitcoin price may retrace to around $58,000. Analyst Titan of Crypto recently stated that "Bitcoin has just sent out a bear market signal," based on a bearish crossover on the two-month MACD. He pointed out that, based on historical experience, similar technical patterns often lead to a 50%-64% retracement.

The latest round of selling has caused BTC to retreat by about 9% from its 2026 high of $97,930. As a result, Bitcoin has fallen below several key support levels, including the current 75% quantile cost price at $92,940. Glassnode wrote on Thursday that Bitcoin "has now fallen below the cost price for 75% of the supply, indicating increasing distribution (selling) pressure," and added, "The risk has clearly shifted upwards, and until this level is reclaimed, downside risk remains dominant."

Trader Merlijn The Trader analyzed that the Bitcoin price "has returned to the support of the uptrend line," with this support zone ranging from $89,000 to $90,000. He added that if this level is breached, the price is likely to retest the range low, around $84,000. The Bitcoin cost distribution heatmap shows that in the past six months, investors have accumulated approximately 941,651 BTC near this price level, indicating that this price range is a key support level.

The next key support level is around $80,000, with historical data showing that about 127,000 BTC were purchased in this price range before. Several analysts believe that a weak derivatives market, selling by long-term holders, and an increase in Bitcoin moving to exchanges may drive the Bitcoin price into a more prolonged downtrend this year.