Glassnode analyst and Bitcoin commentators debate quantum computing risk behind BTC price slump

On January 23, 2026, Glassnode lead analyst James Check argued that fears over quantum computing are not the main driver of Bitcoin's recent price weakness, pointing instead to heavy selling from long-term holders. While Jefferies strategist Christopher Wood and other traditional finance figures have raised alarms about quantum threats to Bitcoin's elliptic curve cryptography and even removed BTC from portfolios, some Bitcoin-focused analysts such as Vijay Boyapati remain skeptical that quantum risk explains the current market slump. Bitcoin has been trading in a wide range between $87,000 and $97,000 and was around $89,800 at publication, still below its all-time high despite past forecasts that projected a move to $250,000.