Bitcoin could be entering a bull run lasting into 2035, following what may have been a bear market over the past 12 months, according to Jan3 founder Samson Mow.
However, other analysts have argued that Bitcoin (BTC) reaching an 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 said in an X post on Friday, adding that Bitcoin may be about to post a “decade long bull run.” 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 said in an X post on the same day.
Bitcoin could end the year in the red
“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 $87,420 at the time of publication, according 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.
Market sentiment has been hovering near lows for most of December.
On Thursday, the sentiment-tracking Crypto Fear & Greed Index fell 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.
Industry is split on how 2026 will play out for Bitcoin
Industry executives and analysts are divided on how Bitcoin will perform in 2026.
Veteran trader Peter Brandt recently predicted that Bitcoin could fall as low as $60,000 by the third quarter of 2026. Meanwhile, Jurrien Timmer, Fidelity’s director of global macroeconomic research, 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 Bitcoin’s market fundamentals 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 said in July that 2026 will be an “up year” for Bitcoin.
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