Summary of Current Bearish Sentiment: Bitcoin's key support level is $80,000, with the ultimate bottom predicted to be as low as $58,000

BlockBeats News, January 26th. Bitcoin fell below $87,000 early today, dropping over 10% since January 14th, with no signs of a market recovery in sight. When will the decline stop, and at what price level will the ultimate bottom be? BlockBeats has compiled the following key analysis points before and after this round of decline:

Placeholder VC Partner Chris Burniske stated that he is not currently buying Bitcoin. He emphasized the need to focus on key support levels such as $80,000, $74,000, $70,000, $58,000, and $50,000 and below. Short-term price fluctuations are not the core focus. If the price rebounds, he recommends holding and gradually diversifying the allocation. In the event of a deep retracement, it should be seen as an opportunity to increase positions in Bitcoin and quality crypto assets.

Bloomberg Intelligence Senior Commodity Strategist Mike McGlone wrote, "Ethereum appears to be moving toward the lower end of its range between $2,000 and $4,000 since 2023. I believe the risk of it falling below $2,000 is higher than the possibility of reclaiming $4,000, especially as stock market volatility resumes."

Trader Eugene Ng Ah Sio said, "I don't quite understand the latest price action this week, so I plan to observe for a while. Looking at the higher timeframes, the structure is not ideal, and my judgment is that the price will likely continue to fall. I had hoped for enough momentum in the new year to drive the price above $100,000 and catch up with other risk assets, but now it seems unlikely to happen. I am temporarily exiting all markets."

Trader Merlijn The Trader stated that Bitcoin's support is near $84,000. A Bitcoin cost distribution heatmap shows that in the past six months, investors have accumulated approximately 941,651 BTC around this price level. The next significant support is around $80,000, with historical data indicating that about 127,000 BTC were purchased in that price range previously.

Crypto Key Opinion Leader and former FTX Community Partner Benson Sun said, "Trump 'TACO' (Trump At Critical Opportunity) again, but the US stock market has returned to the drop point, while Bitcoin is still significantly below the starting position. Currently, off-exchange funds still show insufficient interest in BTC, making it difficult to exceed $100,000. The subsequent market may revolve around a wide range of $85,000 to $95,000. He reminds long positions not to be fixated and to focus on flexible trading."

Furthermore, several analysts are predicting that 2026 could be a bear market year for Bitcoin, with multiple forecasts suggesting that the Bitcoin price could fall to around $58,000. Analyst Titan of Crypto recently published a post stating that "Bitcoin has just signaled a bear market," based on a bearish crossover on the MACD on the two-month timeframe. He noted that based on historical experience, similar technical patterns often lead to a 50%-64% retracement.