WARNING! Major spoilers for Stranger Things season 4 vol.1!
Season 4 of Stranger Things was welcomed back into the open arms of fans on May 27th and the first volume ended in a shocking and palpitating way as the terrifying Vecna is revealed to be the first psychic inducted into Hawkins laboratory's program that raised Eleven.
Since then viewers have speculated on what will happen in the final two episodes of the season when it arrives on Netflix on July 1st. Considering that only minor characters have died (and major characters like Hopper who were believed to be dead have been brought back), fans think this is the season that a beloved character will perish. Season 4 is the beginning of the end of the battle with the Upside Down and it is possible that a fan favorite's death would bring about the ultimate showdown in the final season.
Dr. Martin Brenner
With despicable Lt. Colonel Sullivan hunting down Eleven for the deaths of teenagers in Hawkins, there will be a final showdown involving the government and the Nina Project. Despite just being brought back from the dead, Dr. Brenner could be slated for death.
Eleven's relationship with her Papa is tenuous at best but on some level, he seems to care for all his psychic children. It is likely that when Sullivan's forces attack that Dr. Brenner might sacrifice himself to save his only surviving child, Eleven. This would also explain episode 8's title "Papa."
Dr. Sam Owens
A series regular since season 2, Sam Owens has become a confidante for the characters. He helped Hopper adopt Eleven and the Byers move to California. Considering KGB operatives covertly set up base in Hawkins, it is no surprise that Owens was fired. But he still has contingency plans such as The Nina Project to help El get her powers back.
With Sullivan torturing the information out of Agent Wallace for El's location, their base will be attacked by the government. While fans speculate on what will happen next, footage from the secret trailer reveals this will happen in vol.2. Shots also include a hint that Eleven could be the only survivor. It is likely that Owens could be killed as a national traitor or defending the cure to the Upside Down - Eleven.
Jason Carver
One of the least likable characters to debut in season 4 is basketball captain Jason Carver. After the deaths of his girlfriend and best friend, Jason is furious, terrified, and in mourning - a dangerous combination.
Convinced Eddie is ritually sacrificing schoolmates for Satan, he turns the people of Hawkins into a mob to go after the "freak." Perhaps the only way for Jason's witch-hunt to end is for the jock to be killed by Vecna or one of the many horrifying monsters that dwell in the Upside Down.
Dmitri 'Enzo' Antonov
One of season 4's new characters is "Enzo" (an alias referring to Joyce and Hopper's date) the Russian guard at Kamchatka who attempts to help Hopper escape for monetary gain. While that doesn't go exactly to plan thanks to Yuri's greed, Hop and Antonov begin to bond when they are sentenced to be fed to the Russian's Demogorgon.
While Antonov might help the team figure out how the KGB has a Demogorgon, he could die trying to escape the prison. Becoming brothers in arms could also mean that Antonov might just sacrifice himself to help get Hopper back home to Eleven - even if that means never seeing his son Mikhail again.
Henry Creel/Peter Ballard/001/Vecna
Season 4's main villain is the terrifying Freddy Krueger-like Vecna. However, in the last episode of volume 1, it is revealed that Vecna is not only the friendly orderly from Hawkins Lab and 001 but that he is Victor Creel's sensitive son, Henry.
The trailer suggests a showdown between Vecna and Eleven. Like all other villains, Eleven has faced in the past three seasons, Vecna could be destroyed - saving not only Max and Nancy from the "Curse" but the whole world. As the show is setting up season 5 however, Vecna could survive the battle and end up as the final villain of the series.
Victor Creel
In the last episode of volume 1, Vecna is revealed to be Victor's sensitive son Henry who has psychic powers similar to Eleven's. Considering that he's been "meaning to check in" on his father, it could mean that Robert Englund, star of A Nightmare on Elm Street, could return only to be killed by the son he thought to be dead.
Like Vecna's other victims, Victor blames himself for the death of his wife and children but if he learns that it was in fact Henry who brutally murdered their family, it would likely leave Victor broken beyond belief. Anything Vecna/Henry does after that is little in comparison.
Eddie Munson
D&D-loving, guitar-playing drama queen Eddie Munson has quickly become a beloved character since his season 4 debut as leader of the Hellfire Club. Unfortunately, after Vecna kills Queen Bee Chrissy Cunningham in his trailer in the first episode, his life is turned upside-down and he is assumed to be the killer. Stuck between a rock and a hard place, there aren't many routes left for new fan-favorite Eddie.
Eddie could be vindicated of his assumed crimes, especially if the people of Hawkins learn the truth about their town or he could be killed by creatures of the Upside Down and blamed for the serial killings. Like characters such as Billy, Eddie could also sacrifice himself to save Nancy from Vecna's curse with an awesome guitar solo.
Max Mayfield
Max begins season 4 as a shadow of her former self. Fueled by guilt over her step-brother Billy's death, she is targeted by Vecna who is using these tortured teens to open portals between dimensions. Even though Max is saved by Robin's genius idea about music and her friends' knowledge of her favorite song ("Running Up That Hill" by Kate Bush), she is still in danger.
As long as Vecna lives, Max is in danger of his "Curse." Once Eleven learns of this, she will likely do everything she can to save Max and try to destroy Vecna - also known as Henry Creel and 001. However, that doesn't mean she will necessarily succeed.
Steve Harrington
Despite being one of the most loved characters in Stranger Things, king of Hawkins High Steve "The Hair" Harrington was supposed to die in season 1. His survival is thanks to Joe Keery's fantastic portrayal of everyone's favorite babysitter.
Unlike most characters, Steve does not have a planned-out future or a long-term relationship. Season 4 shows he still has strong feelings for Nancy that might even be reciprocated - especially as Jonathan is considering breaking up with Nancy to take care of his family. In a massive emotional sucker punch that could lead the characters into a story of revenge in season 5, Steve is still one of the most likely major characters to die.
Nancy Wheeler
Season 4 vol.1 leaves Nancy in a precarious position. In one of the most shocking twists of the show, just as she's about to travel across dimensions, Nancy is cursed by Vecna over her guilt for Barbara's death in season 1.
Since Nancy is a fan-favorite character and has more unseen scenes in the trailer, it can be assumed she survives this initial ordeal with Vecna. However, like Max that does not mean she's safe. Until Eleven defeats Vecna, Nancy could be cursed again by Stranger Things' Freddy Krueger-like character. Her death would impact the team incredibly and could leave them more determined than ever to put a stop to the Upside Down for good.