Bitcoin touched $58,035 on Thursday morning, its weakest level of 2026, as crypto markets continued their retreat with $40 billion wiped from total market capitalisation in 24 hours, pushing the entire market dangerously close to slipping below the $2 trillion mark.
The move has drawn attention from prominent analysts. PlanB, creator of the widely followed Stock-to-Flow model, said Bitcoin will likely bottom below its Realized Price of approximately $53,000, consistent with every previous bear market in Bitcoin’s history.
The scale of the decline since October 2025 is significant. Bitcoin has fallen from $126,000 to $58,000, erasing $2.2 trillion in total crypto market value. Along the way it has survived the largest liquidation event in history, Trump’s tariff escalation with China, the U.S.-Iran military conflict, a Federal Reserve hawkish pivot and Strategy’s first Bitcoin sale in years.
The next key support level to watch sits between $53,000 and $55,000.
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