【Viewpoint: Five Major Indicators Suggest Bitcoin May Enter Bear Market by Early 2026】According to Golden Finance reports and Beincrypto news, as of December 22, Bitcoin remains in the range of $88,000 to $90,000, but several on-chain and market structure indicators show rising downward risks, and the market may be entering the distribution phase at the end of the cycle. Five warnings: Demand Growth Slows: Apparent demand growth is slowing, and the strong prices primarily rely on leverage rather than spot buying. ETF Inflows Decrease: Inflows into the U.S. spot Bitcoin ETF significantly slowed in the fourth quarter of 2025. Medium-sized Investors Reduce Holdings: Wallets holding 100 to 1,000 BTC are experiencing a larger year-over-year decrease in holdings. Funding Rates Decline: Funding rates across major exchanges are showing a downward trend, with weakened leverage demand. Breaking Below the 365-Day Moving Average: This is the first sustained break below this long-term trend indicator since early 2022. Historical data shows that if a bear market takes shape, a Bitcoin price of around $56,000 may become a long-term support range.