A crypto analysis podcast Tapping Into CryptoIn the last episode of , Bitcoin’s current price movements were discussed in comparison with past bear markets. In the program, different evaluations were put forward regarding whether the crypto market would experience further depreciation in the near term, based on both on-chain indicators and general macroeconomic developments.
Widening of Volatility in Markets
At the opening of the podcast, it was stated that the weakness in Bitcoin is not limited to the crypto market. The presenters drew attention to the recent sharp declines in gold and silver prices and sudden fluctuations in leveraged investment products. It was stated that this activity shows that the risk appetite in the market is not limited to digital assets only.
The presenters stated that these changes in the market could lead to “forced liquidation” processes in various asset classes.
Volatility seen in different segments of the market was interpreted as an indication that investors were re-evaluating their positions in more than one channel.
Comparison with Past Bear Markets
Bitcoin’s price action today has been interpreted as a milder pullback compared to previous bear markets. It is recalled that in past cycles, crypto markets have experienced periods of significant decline lasting 12 to 13 months, reaching decline rates exceeding 70 percent. In the current situation, Bitcoin has fallen at a lower rate from its last peak in such a short time.
The following evaluation was included in the podcast:
On-chain data indicates that a deeper pullback against the US dollar may be possible.
According to On-Chain Data, the $40,000 Level is Critical
In the analysis, on-chain data of long-term Bitcoin holders was considered. Presenters state that if certain cost levels are approached, sales pressure may increase in order to compensate investors for their losses. It has been suggested that if this pressure intensifies around the $ 70,000 band, a decline in Bitcoin’s value to $ 40,000 may be possible.
It was noted that, according to historical processes, investor sentiment can quickly become negative as price pressure increases. It was also emphasized that on-chain indicators should be closely monitored.
Gold-Bitcoin Relationship and Uncertainty in 2026
The presenters pointed to a recurring dynamic between Bitcoin and gold. It was noted that historically gold outperformed Bitcoin for approximately 14 months, after which a change in relative strength began. Regarding this cycle, it was expressed that the period of February or March 2026 may indicate a balancing process.
According to experts, although a price bottom is not expected to occur in this period, there are signals that the balance of power in the market may turn in favor of Bitcoin again.
