Key Takeaways
- Bitcoin has officially fallen into a bear market after a 20% drop from its October 2023 high.
- Elliott Wave analysts forecast the bear market could last until late 2026.
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Bitcoin officially entered bear market territory today after declining more than 20% from its October peak, according to The Kobeissi Letter.
Elliott Wave analysts anticipate the bear market will persist through late 2026, signaling an extended period of downward pressure for the leading cryptocurrency.
The recent price drop removed excessive leverage from the market, according to blockchain analytics, though this deleveraging could set the stage for continued volatility during the bearish phase.
Despite the broader downturn, some Bitcoin holders have been accumulating during the price decline, suggesting some underlying buying interest amid growing concerns of a new crypto winter.