Greed

Bitcoin

Arthur

Bitcoin hit new all-time highs in October, but Jan3 founder Samson Mow has described 2025 as a “bear market,” arguing the past year may mark the reset before a much longer rally.
However, other analysts have argued that Bitcoin’s (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) all-time high of $125,100 in October marked the cycle high and 2026 could be the start of a new bear market.
“2025 was the bear market,” Mow <a href="https://x.com/Excellion/status/2004666358114701798?s=20" rel="noopener noreferrer nofollow" target="_blank">said</a> in an X post on Friday, adding that Bitcoin may be about to record a “decade long bull run.” Mow has previously argued that sideways price action, declining sentiment and underperformance relative to expectations can still constitute a bear market, even if headline prices remain elevated.
Mow isn’t alone in his view of the year, with Bitcoin analyst PlanC echoing a similar sentiment. “If you made it through 2025, you made it through the bear market,” PlanC <a href="https://x.com/TheRealPlanC/status/2004386297373511895?s=20" rel="noopener noreferrer nofollow" target="_blank">said</a> in an X post on the same day.
<h2 id="bitcoin-could-end-the-year-in-the-red">Bitcoin could end the year in the red</h2>
“Bitcoin has never had two red yearly candles in a row,” PlanC said, as the cryptocurrency is on track to end the year below its opening price.
Bitcoin is down 8.98% since Jan. 1, trading at $87,210 at the time of publication, <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="_blank">according</a> to CoinMarketCap. Bitcoin’s price is well below projections made by BitMEX co-founder Arthur Hayes and BitMine chair Tom Lee, who suggested as recently as October that Bitcoin could still reach $250,000 by year-end.
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 <img alt="Cryptocurrencies, Bitcoin Price" src="https://s3.cointelegraph.com/uploads/2025-12/019b5d36-a4fb-7dc5-95d2-20b593d1b18c.png" title="">
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 Bitcoin is down 3.29% over the past 30 days. Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="_blank">CoinMarketCap</a>
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Market sentiment has been hovering near lows for most of December.&nbsp;
On Thursday, the sentiment-tracking <a href="https://cointelegraph.com/news/crypto-sentiment-holds-extreme-fear-14th-straight-day" rel="noopener noreferrer nofollow">Crypto Fear &amp; Greed</a> Index <a href="https://alternative.me/crypto/fear-and-greed-index/" rel="noopener noreferrer nofollow" target="_blank">fell</a> three points to a score of 20 out of 100 on Dec. 26, hitting a two-week stretch of “extreme fear” that started on Dec. 13.
<h2 id="industry-is-split-on-how-2026-will-play-out-for-bitcoin">Industry is split on how 2026 will play out for Bitcoin&nbsp;</h2>
Industry executives and analysts are divided on how Bitcoin will perform in 2026.
Veteran trader Peter <a href="https://cointelegraph.com/news/us-clarity-act-bitcoin-price-action-peter-brandt-crypto-trader" rel="noopener noreferrer nofollow">Brandt recently predicted</a> that Bitcoin could fall as low as $60,000 by the third quarter of 2026. Meanwhile, Jurrien Timmer, Fidelity’s director of global <a href="https://cointelegraph.com/news/fidelity-macro-lead-65k-bitcoin-bottom-2026" rel="noopener noreferrer nofollow">macroeconomic research</a>, said 2026 could be a “year off” for Bitcoin, with prices potentially falling to as low as $65,000.
However, not all outlooks are as bearish. Strategy CEO Phong Le recently said that <a href="https://cointelegraph.com/news/bitcoin-market-fundamentals-strong-strategy-ceo-phong-le" rel="noopener noreferrer nofollow">Bitcoin’s market fundamentals</a> have stayed strong in 2025, despite the asset’s price and sentiment declining toward the end of the year.
Bitwise chief investment officer Matt Hougan <a href="https://cointelegraph.com/news/bitcoin-upside-2026-four-year-cycle-dead-bitwise-invest-cio" rel="noopener noreferrer nofollow">said in July that 2026</a> will be an “up year” for Bitcoin.
Magazine: <a href="https://cointelegraph.com/magazine/big-questions-will-bitcoin-survive-10-year-power-outage/" rel="noopener noreferrer nofollow">Big questions: Would Bitcoin survive a 10-year power outage?</a>

Bitcoin’s 2025 ‘bear market’ could precede decade-long rally: Mow

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