Current situation: Bitcoin officially entered a bear market after falling more than 27% from its peak of 126,000 USD in October 2025. It currently hovers around 84,000 USD.

Technical context: The drop erased the gains of the year and shows signs of weakness in the market.

Analyst opinions:

David Battaglia: all of 2025 was a bear market due to a lack of real strength.

The Motley Fool: this is the seventh bear market in five years; the subsequent performance is usually low (~1%).

BeInCrypto: volatility depends more on macroeconomic factors than on halving cycles.

Key factors:

Rotation towards less risky assets.

Pressure from Federal Reserve policies and geopolitical tensions.

Institutional sales accelerating the decline.

Future outlook:

Possible recovery towards 150,000 USD if the macro environment improves.

Predictable cycles are no longer enough; the future will depend on interest rates and global liquidity.

👉 In summary: Bitcoin is in a bear market, marked by macroeconomic factors and institutional sales, with an uncertain future between potential recovery and dependence on external conditions.