Zcash founder Zooko Wilcox recently said he is bearish on Bitcoin because he believes its community culture has become closed to innovation and hostile to developers. He argued that even a strong technical design cannot survive if the surrounding culture rejects change, contrasting this with his goal of keeping Zcash highly open to evolution. His comments followed a dispute between Aleo CEO Alex Pruden and Bitcoin maximalist "Coinjoined Chris" over post-quantum security tools for Bitcoin.

Bitcoin is trading in a consolidation range beneath a descending trendline, with price capped under the $95K supply zone and supported around $80K. On lower timeframes, $85K and $90K have emerged as important short‑term levels, while a notable liquidation cluster above $90K points to potential absorption rather than a clean breakout. Until these technical and liquidity zones are convincingly broken, the market structure leans neutral to slightly bearish.

On Friday, Santiment founder Maksim Balashevich said in a YouTube video that Bitcoin could slide toward $75,000, arguing social media sentiment is still overly confident for a lasting bottom. BTC traded near $88,000 at the time, according to CoinMarketCap, implying roughly a 15% downside, while Japan's 0.75% rate hike may add short-term pressure.

In December 2025, Bitcoin hovered near $85K, aligning with the average cost basis of U.S. spot BTC ETFs and placing many ETF holders around breakeven. At the same time, on-chain data showed persistent profit-taking by long-term holders, capitulation by short-term holders, and weak U.S. demand, all of which left this support area vulnerable to a deeper correction. With the Coinbase Premium Index in negative territory, market sentiment remained fragile as traders watched whether $85K would hold or give way.

On December 19, 2025, BlackRock's iShares Bitcoin Trust (IBIT) ranked sixth among U.S. ETFs by 2025 net inflows, drawing more than $25 billion. Despite a roughly -9.6% YTD return, IBIT's inflows exceeded GLD's, underscoring unusually steady demand for spot Bitcoin exposure.

An X debate on December 20, 2025 highlighted differing Bitcoin views at Fundstrat after user Heisenberg shared screenshots noting Sean Farrell's $60,000–$65,000 H1 2026 base case and Tom Lee's potential path to $200,000. Client Cassian argued these reflect distinct mandates, and Tom Lee replied "Well stated," indicating agreement with that framing.

Bitcoin has fallen from above $126,000 in early October to around $88,000, while analysts debate whether this marks a new bear market or a deep bull-cycle correction. One analyst argues BTC must regain roughly $101,840–$102,000 to revive its bull phase, while another points to an oversold RSI below 30 for about three weeks as a setup for a potential explosive rebound. At the same time, whale balances have dropped by over 160,000 BTC in a year and spot ETFs saw nearly $500 million in outflows, adding downside risk if support at $83,300 fails.

Bitcoin demand growth slipped below trend from early October 2025, pointing to a potential bearish turn. This cycle saw three distinct demand waves, ETFs reduced holdings in Q4 2025, and price remains under the 365‑day moving average near $98,172. Derivatives funding rates fell to their lowest since December 2023, signaling weaker leveraged long appetite.