Bear Market’s Current Performance Worse Than 2022: Analysts

Bitcoin’s decline in the bear market has been faster than ever, according to analysts.

“Bitcoin’s bear market has started slightly earlier than 2022,” chain analytics platform CryptoQuant reported on Wednesday.

Since dropping below its 365-day moving average in November, Bitcoin has fallen 23% in just 83 days, compared to a 6% decline over the same period in early 2022, they added before saying that “momentum is decelerating rapidly in this cycle.”

“This performance is worse than at the beginning of the previous bear market in January 2022.”

Bitcoin Bear Market Deepens

Bitcoin reached $126,000 at the beginning of October with the “Bull Score Index” at 80, but following the termination event of October 10, the index turned bearish and has now fallen to zero while the price lost to $71,000, “indicating broad structural weakness,” reports CryptoQuant. The platform also said that Bitcoin “lost important levels of support” and may target $70,000 to $60,000.

Bitcoin has declined three times from the “Trader Available Prices,” which is the chain’s key support and resistance level. It also crossed below the lower band of this same metric, which served as support during the bull market.

The Bitcoin bear market has started in a weaker position than 2022.

Since it dropped below the 365-day MA on Nov 12, 2025, $BTC down 23% in 83 days, compared to 6% over the same period in early 2022.

The momentum is rapidly declining in this cycle. pic.twitter.com/t4xD2vljVI

– CryptoQuant.com (@cryptoquant_com) February 4, 2026

Meanwhile, Santiment reported that sentiment has “turned to Bitcoin and Ethereum” following last week’s sharp decline.

“As we know, markets move against the fear and greed of retail traders. There is still a strong argument for a short-term relief rally as long as the mass of small traders continue to distrust cryptocurrency as a whole.”

“BTC’s bear market continues as profits resume, realized losses mount, domestic demand remains weak, and we get a break,” reports Glassnode.

Meanwhile, the crypto “Index of Fear and Greed” is back to an all-time low of around 12 as sentiment falls and fear selling continues.

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Crypto Market Outlook

Total spending fell again today, down 4.4% to $2.53 trillion, its lowest level since April 2025. Further losses would put it back in the face of a market downturn starting in 2024.

Bitcoin fell further, falling below $71,000 during morning trading in Asia on Thursday morning. BTC is now back from November levels and heading towards support around $65,000.

Ether is melting down, crashing below $2,100 and failing to recover, and is on its way to the previous cycle’s lows.

Altcoins are not even worth mentioning, they are struggling even more than the top two, and most are now 80% down from their peaks.