“$50,000 bitcoin is first target support toward $10,000," Bloomberg Intelligence strategist Mike McGlone wrote in a LinkedIn post, going on to warn that 2026 could be “be reminiscent” of the 2008 global financial crisis and the 2000-1 dot com crash for markets across the board.

The current price range, even after the rebound, also provides a challenge for Bitcoin miners. As CoinDesk reports, the current Bitcoin price is well under the average cost of $87,000 to mine a single Bitcoin. The outlet notes that this has traditionally been one of the signs of a bear market.

Crypto sentiment was hit as Gemini plans to close operations in several regions and cut staff, while spot bitcoin ETF flows turned negative.

The price of bitcoin fell about 10% over the past week.

Bitcoin outlook turns bearish as Pivotus’ Richard Farr targets BTC at $0 and Michael Burry warns of a “death spiral.” Get the risks and key levels now.

Some market watchers have suggested $70,000 is a key level to watch and a break below that could lead bitcoin to decline further.