Bitcoin touched $58,035 on Thursday morning, its weakest level of 2026, as cryptocurrency markets continued their decline with $40 billion wiped off the total market capitalization in 24 hours, pushing the entire market dangerously close to slipping below the $2 trillion mark.
The move caught the attention of prominent analysts. PlanB, creator of the widely followed stock-to-flow model, said bitcoin would likely fall below the realized price of around $53,000, consistent with every previous bear market in bitcoin history.
The magnitude of the decline since October 2025 is significant. Bitcoin fell from $126,000 to $58,000, wiping out $2.2 trillion from the total cryptocurrency market cap. Along the way, it has weathered the largest liquidation event in history, Trump’s tariff escalation with China, the US-Iran military conflict, the Federal Reserve’s hawkish pivot, and Strategy’s first bitcoin sale in years.
The next major support level to watch is between $53,000 and $55,000.
