Emre Yumlu 
As long-term expectations for the cryptocurrency market begin to take shape, a document attributed to Fundstrat Global Advisors has ignited significant debate across the industry. Screenshots circulating on social media suggest that the report outlines a cautious outlook for early 2026, warning of a notable market pullback. This perspective stands in stark contrast to the publicly optimistic narrative presented by Fundstrat’s co-founder and head of research, Tom Lee.
A Bearish Scenario for Early 2026
According to the circulating material, the first half of 2026 could be marked by a meaningful correction across major crypto assets. The document points to potential downside targets, with Bitcoin projected to retreat toward the $60,000–$65,000 range. Ether is expected to decline to approximately $1,800–$2,000, while Solana could fall to levels between $50 and $75.
Rather than framing these levels purely as risks, the report reportedly describes them as potential accumulation zones, suggesting that such a drawdown could create attractive entry points later in the year. The broader implication is that macro conditions and market cycles may temporarily outweigh long-term bullish fundamentals.
It is important to note that the document has not been officially released by Fundstrat, nor has its authenticity been independently verified. Nevertheless, several crypto-focused sources claim the report was shared internally with select institutional clients, lending credibility to the discussion it has generated.
A Clear Contrast with Tom Lee’s Public Outlook
The cautious tone of the alleged report appears to directly conflict with Tom Lee’s recent public statements. Speaking at major industry events, Lee has argued that Bitcoin could reach as high as $250,000 within months. He has also described Ether, trading near $3,000 at the time of his remarks, as “grossly undervalued.”
Lee has emphasized historical valuation metrics, suggesting that if Ether were to revert to its long-term average ratio against Bitcoin, prices could move toward $12,000. More aggressive scenarios based on previous cycle dynamics imply even higher valuations. These bullish projections underscore a clear divergence between the internal risk-focused narrative and Lee’s external messaging.
Ether Accumulation Adds Another Layer
Further complicating the picture is the continued accumulation of Ether by BitMine, a firm associated with Lee. Despite broader market uncertainty, the company has significantly increased its ETH holdings, which now represent a notable share of total supply. This aggressive positioning suggests strong long-term conviction, even as short-term correction risks are debated.
Overall, the discussion surrounding the Fundstrat report highlights growing disagreement within the market regarding timing and direction. While some warn of a sharp reset before the next leg higher, others remain firmly committed to the supercycle thesis. For investors, this divergence reinforces the likelihood that volatility and uncertainty will remain defining features of the road to 2026.
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