Bitcoin’s drop back into the mid-$90,000s has reignited the debate: is this the start of a true bear market, or a sharp reset inside an ongoing uptrend? Analysts are converging on the same battleground levels but differ on what they imply.

Has The Bitcoin Bear Market Arrived?

Macro swing-trader “The Great Mattsby” (@matthughes13) argues that, structurally, Bitcoin is still tracking a familiar pattern. He reminds followers that: “Back in 2024, BTC consolidated for 7 months in the $70k-$50k zone before breaking out.”

Using monthly Fibonacci retracements from the March 2024 high to the November 2022 low, he notes that Bitcoin previously tagged the 0.618 retracement at $51,518, “even wicked below, then bounced.” On a fresh set of fibs drawn from the October 2025 top to the August 2024 low

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