Bitcoin has seen better days. In October, the world’s largest cryptocurrency plummeted—and it hasn’t recovered, trading at around half of its all-time high of $126,000. Despite brief glimmers of upward momentum, the token continues to tread water amid a deep bear market.
The last time Bitcoin experienced such a prolonged drop was in 2022, when several of crypto’s largest players—including the crypto exchange FTX—collapsed and brought the digital assets market down with them. That period saw Bitcoin plunge 76% from its then–all-time high in 2021 to $16,000 in 2022.
In 2026, the backdrop is different. President Donald Trump has become one of the industry’s biggest boosters, and Wall Street titans like BlackRock and JPMorgan Chase are announcing blockchain-based products left and right. So, why is Bitcoin tanking?
Here are three reasons why the world’s largest cryptocurrency remains mired in a bear market, according to four industry analysts:
Four-year cycles
