**[Opinion: Five Key Indicators Suggest Bitcoin May Enter a Bear Market in Early 2026]** According to a report by Jinse Finance citing Beincrypto, as of December 22, Bitcoin remains in the $88,000 to $90,000 range. However, multiple on-chain and market structure indicators show rising downside risks, suggesting the market may be entering the distribution phase at the end of the cycle. **Five Warning Signs:** - **Slowing Demand Growth:** Apparent demand growth is slowing, with strong prices mainly driven by leverage rather than spot buying. - **Weakened ETF Inflows:** U.S. spot Bitcoin ETF inflows significantly slowed in Q4 2025. - **Mid-Sized Investors Reducing Positions:** Wallet holdings of 100 to 1,000 BTC have seen an increasing annual decline. - **Declining Funding Rates:** Funding rates across major exchanges are trending downward, indicating reduced leverage demand. - **Breaking Below the 365-Day Moving Average:** For the first time since early 2022, Bitcoin has consistently fallen below this long-term trend indicator. Historical data suggests that if a bear market takes shape, Bitcoin's realized price of approximately $56,000 could become a long-term support range.