Bitcoin Market Cycle Analysis (Mid-2026)

As of mid-2026, Bitcoin has transitioned from a strong bull market, which peaked in October 2025, into a period best characterized as an early bear market or distribution phase. This period is marked by a significant drawdown from its all-time high, increased volatility, and cautious sentiment. While exhibiting characteristics of a bear market, there are also signs of institutional re-accumulation, suggesting a nuanced "bear-accumulation" phase rather than a full capitulation.