Bitcoin Drops to $89,000 – Is the Bull Run Coming to an End?

Jakarta, Pintu News – The price of Bitcoin (BTC) is under further pressure today, influenced by a number of factors that indicate a possible sharp correction. While the price movement in the short term remains uncertain, the overall market structure appears weak.

Veteran trader Peter Brandt recently stated that the price of BTC still has the potential to drop to the range of $58,000 to $62,000. Then, how will Bitcoin price move today?

Bitcoin Price Drops 3.41% in 24 Hours

On January 21, 2026, Bitcoin was trading at $89,319, equivalent to IDR 1,520,932,461, marking a 3.41% drop over the past 24 hours. Within that timeframe, BTC dipped to a low of IDR 1,496,856,144 and reached a high of IDR 1,574,834,600.

At the time of writing, Bitcoin’s market capitalization is approximately IDR 30,247 trillion, while its 24-hour trading volume has surged by 90%, reaching IDR 1,089 trillion.

Read also: Bitcoin Faces Growing Pressure as 5 Bear Market Indicators Emerge This January

Is Bitcoin’s Bull Run Over?

One of the biggest concerns stems from the Bitcoin market cycle that takes place every four years. Historically, Bitcoin bull markets usually peak around 530 days after the halving event.

Based on this model, the peak of the current cycle likely occurred in early October, near Bitcoin’s record high price of nearly $125,000.

If this pattern remains consistent, then Bitcoin could have entered a bear market phase for almost 100 days. Previous bearish phases lasted about a year, which means the selling pressure could continue until 2026.

In the history of Bitcoin bear markets, there have been sharp drops:

• 2014-2015: Almost 90%
• In 2018: about 84%
• 2022: around 77%

Although volatility tends to decrease over time, a 70-80% drop from the cyclical peak is still historically possible. If calculated from the peak price of $125,000, then in a worst-case scenario, Bitcoin price could drop to close to $37,000.

This price movement will be similar to the 2021 cycle, where Bitcoin initially experienced a sharp decline, then moved sideways for a few months, and then fell deeper before finally finding its bottom.

200-Week Moving Average Under the Spotlight

One important long-term support level for Bitcoin is the 200-week moving average. In every previous major bear market, Bitcoin has always touched or briefly dropped below this level before stabilizing.

Currently, the 200-week moving average is around $57,000, which already reflects a decline of about 55% from the latest price peak. If global market conditions weaken, it is possible that Bitcoin will test this zone again.

In the daily chart (1/20), Bitcoin appears to be forming a bear flag pattern. This pattern usually appears when the price moves up slightly after a sharp drop, before resuming the downward trend.

If this pattern experiences a breakdown, analysts warn that Bitcoin’s price could drop quickly to the $70,000 range or even lower, amplifying selling pressure.

Weekly Support Still Holding Currently

Although there are many bearish risks, Bitcoin has not really broken to the downside so far. In the weekly chart, BTC is still holding at the support level of around $91,000.

As long as this level hasn’t been broken, there’s a chance Bitcoin could try to move back up. However, if this support is lost, the price could drop to around $86,000, opening up the potential for an even deeper drop.

Read also: As Ethereum Leads, Altcoins Rocket – Is this the Start of a New Trend?

Whale Movement from Satoshi Era Adds Market Pressure

According to @JacobKinge, market concerns increased after a Bitcoin wallet from the Satoshi era moved 909.38 BTC, after more than a decade of inactivity.

The bitcoin was originally purchased when the price was still around $7, and is now worth around $85 million. Analysts estimate that this move may be related to the completion ofoff-chain transactions or synthetic sales, which can depress prices even if they don’t appear as direct sales on the spot market.

This event also shows that the initial Bitcoin holdings were likely spread across many dormant wallets, making massive distributions difficult to track.

Macroeconomic Risks Still a Major Factor

Bitcoin remains heavily influenced by traditional markets, especially in times of uncertainty(risk-off). In previous cycles, a 15-20% correction in the Nasdaq index was often followed by a 30-40% drop in Bitcoin.

Even a relatively modest stock market correction could push BTC prices back to the $57,000 support zone or lower.

Meanwhile, if Bitcoin enters a prolonged bear market, altcoins are expected to experience a sharper decline.

Historically, Ethereum (ETH) has dropped by 80-90% in bearish phases. If the pattern repeats, ETH could drop to around $1,000. Many altcoins that have already fallen quite deeply could still potentially lose another 50-80% as liquidity continues to dwindle.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinpedia. Bitcoin Price Outlook Turns Bearish: Worst-Case Scenario Targets Revealed. Accessed on January 21, 2026