Bitcoin (BTC) has finally broken below a key support level at $84,000 that has held the value since mid-November 2025. Where will BTC price motion go next?
Key Takeaways:
-
Bitcoin fell to a two-month low of $81.00 on Thursday, driven by $1.6 billion in long liquidations
-
Some analysts are predicting deeper declines in an ongoing bear market, with a goal of $50,000 to $58,000.
Bitcoin Sentiment At Record Low Suggests There Is 'No Upswing'
Bitcoin continued its sell-off into the late New York trading session on Thursday, falling to a two-month low of $81,000.
Support on the 2026 open ($87,000), 100-day moving averages, and $84,000-$86,000 demand zone did not hold back sellers as crypto long liquidations topped $1.6 billion. Bitcoin's plunge to $81,000 worn out greater than $750 million in long positions.
The risk-off mode reflects investor negative sentiment, which has fallen to “extreme fear” at 16 from yesterday’s 26.
🚨 UPDATE: The Crypto Fear and Greed Index falls to 16, indicating extreme fear as market sentiment deteriorates from yesterday's reading of 26. pic.twitter.com/TdN5RZo6OR
– Cointelegraph (@Cointelegraph) January 30, 2026
“Bitcoin’s Fear and Greed Index has dropped to 16, indicating extreme fear,” Crypto Town Hall analysts said, adding
“Such levels have historically reflected strong risk aversion and capitulation-related conditions often seen during sharp declines or leverage flushes.”
Economist Timothy Peterson noted that consumer sentiment is nearing a record low and the “5-year average is at an all-time low.”
“In an environment like this, people just don’t buy Bitcoin or other dangerous assets,” he said in a Friday post on X, adding:
“There isn’t any recovery until the situation is reversed.” Bitcoin's consumer index. Source: Timothy Peterson
As Cointelegraph reported, investors' “extreme fear” reflects the “painful” conditions seen after the FTX crash, suggesting uncertainty and an unlikely near-term reversal in BTC prices.
Analysts imagine BTC could bottom at $50,000
As Bitcoin sentiment continues to say no, analysts expect bear market conditions to last more and price targets to be lower.
This features a retest of the 200-week moving averages, which “often represent beneficial areas for long-term buying,” based on trader and analyst Daan Crypto Trades.
“The closer you may accumulate to those MAs, the higher value you get,” the analyst said in a Friday post on X, adding:
“Over time, the value can match the moving averages even when it fluctuates sideways.”
Note that the 200-week SMA is currently at $57,974 and is in keeping with a bear flag downside goal as shown within the chart below.
Such a move would mark a 30.5% decline from the present price and a 54% decline from the all-time high of $126,000.
BTC/USD weekly chart. Source: Cointelegraph/TradingView
Fellow analyst Keith Alan identified similarities between BTC's current price motion on the weekly timeframe and that in 2021-2022.
Bitcoin could see some “short-term rallies off these lows, but ultimately I believe this bear market will last more,” he told X in his latest evaluation.
Alan pointed to the low of $74,500 reached in April 2025 following US President Donald Trump's “Liberation Day” tariff announcement.
The analyst said that within the absence of a “major” catalyst, the BTC/USD pair will “eventually” fall below $74,000 and slide to the 2021 all-time high of $69,000.
“I would love it quite a bit higher if it took until August to get to that low,” Alan said, adding:
“If we sprint there in February, the $50,000 area will look more interesting to me later within the yr.” 
BTC/USD weekly chart. Source: X/Keith Alan
As Cointelegraph reported, many analysts expect 2026 to be a bear market yr, and various forecasts predict a decline in BTC price to as little as $58,000.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision. While we try to offer accurate and up-to-date information, Cointelegraph doesn’t guarantee the accuracy, completeness or reliability of the data in this text. This article may contain forward-looking statements which might be subject to risks and uncertainties. Cointelegraph won’t be responsible for any loss or damage arising out of your reliance on this information.
