The primaries have already taken some really interesting turns. Klobuchar and Buttigieg are both experiencing really impressive surges, although they are getting into each others' way. If it weren't for Klobuchar surging, Buttigieg probably would've won New Hampshire last night. That would've been a massive victory, especially considering Sanders' popularity there. That said, he came very close. Bernie won, but I would be pretty worried if I were the Sanders campaign right now. But Buttigieg has proven that Iowa wasn't a fluke and that he could be formidable in the primary. His performance in the next two states will be critical.
Warren is done. She couldn't afford to lose NH, coming in last is even worse. The campaign is even struggling to spin this and it looks like she's slowly pivoting toward dropping out and endorsing Klobuchar. There really isn't any path to victory for her. Klobuchar is still a massive longshot, but she has delegates and if enough of the party establishment coalesced around her, she could be formidable (more on this later).
Biden is interesting. He was never well positioned to win either Iowa or NH, but the margins of which he lost are pretty shocking. This is also an area where media narratives matter and the media framing Biden as a candidate who is plummeting is not a good look. His entire argument was his electability. If voters in later states start to see him declining while other moderate candidates are surging (and Bloomberg hemorrhaging money into Super Tuesday states), his prospects are really going to diminish. There's also a lot of data showing voters are choosing their candidate very soon before voting, which also doesn't bode well for Biden.
Here's what I think will happen: Bernie wins the next two states and is strong going into Super Tuesday. Warren or Klobuchar drop out and endorses the other. Buttigieg has a disappointing showing during Super Tuesday while Biden wins enough just to hold on. Bloomberg has a similar performance which turns this into a three way race. There's a contested convention with Bernie winning a plurality and getting the nomination. He goes into the general as a somewhat weak candidate since the party never really got behind him.
Here's what I want to happen: The dems are in a really dangerous situation right now because it seems that whoever wins the nomination is not going to have a majority of the vote. It's very similar to Trump in 2016. Therefore, my hope for the dems is the same as what I thought the Republicans should've done 4 years ago. They establishment/moderate/centrist candidates need to realize that they're stealing votes from each other while Bernie is sailing through with the full support of the liberals behind him. They also need to reckon with the fact that while Bloomberg has next to no chance of winning, he has the potential to really upend the race and further ensure a Bernie victory.
This isn't to say I don't like Bernie. But it's clear the party establishment still doesn't want him and I think a contested convention is a surefire way of losing in November. They either need to get behind Bernie, or coalesce around a single establishment pick who isn't Biden. The Dems have the opportunity of a great compromise candidate who would wipe the floor with Trump (Klobuchar). Unfortunately, it doesn't look likely to happen.
If you watched Trump's state of the union speech, you would understand.