Summary of this Round of Bearish Views: Bitcoin's key support level is $80,000, with the final bottom predicted to be as low as $58,000

BlockBeats News, January 26th: Bitcoin fell below $87,000 early this morning, dropping more than 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 eventual bottom be? BlockBeats has compiled the main analysis points before and after this round of decline as follows:

Placeholder VC partner Chris Burniske stated that he is not currently buying Bitcoin and needs 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, hold and gradually diversify your holdings. If there is a deep retracement, see it as an opportunity to increase your Bitcoin and high-quality crypto asset holdings.

Bloomberg Intelligence's Senior Commodity Strategist Mike McGlone wrote, "Ethereum appears to be heading towards the lower end of the $2,000 to $4,000 range 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 returns."

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. From a higher time frame (HTF) perspective, the structure is not ideal, and my judgment is that the price will most likely move lower. I was hoping for enough momentum in the new year to push the price above $100,000 and catch up with other risk assets, but now it seems that this scenario is unlikely to happen. I am temporarily exiting all markets."

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

Crypto KOL and former FTX community partner Benson Sun said, "Trump 'TACO' again (Trump Abandoned the Campaign Onsite), but the U.S. stock market has returned to the starting point of the decline, while Bitcoin is still significantly below the starting position. Currently, off-exchange funds still lack interest in BTC, making it difficult to break through $100,000. The subsequent market trend may revolve around a wide range of $85,000 to $95,000. He reminded that longs should not be rigid and should focus on flexible trading."

Furthermore, multiple analysts predict that 2026 could be a bear market year for Bitcoin, with several forecasts suggesting that the Bitcoin price may fall to around $58,000. Analyst Titan of Crypto recently stated that "Bitcoin has just issued a bear market signal," based on a bearish cross on the MACD on the two-month timeframe. He pointed out that, based on historical experience, similar technical patterns often lead to a 50%–64% retracement.